USDA Pilot Refinance
With a USDA Pilot Refinance, Homeowners Can Escape High Cost Mortgages
USDA PILOT REFINANCE TERMS:
Currently, homeowners in 34 states can apply for a USDA Pilot Refinance. California is one of those states. The Rural Development wing of the USDA created this two year pilot program so homeowners with an older USDA loan could take advantage of today’s lower interest rates. The program began in 2012, and will be evaluated in 2014.
- No Appraisal
- No Credit Report
- Minimum FICO Score of 640
- The new interest rate fixed and a minimum of 100 basis points (1%) lower than the current interest rate
- The new loan term must be 30 years
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WHO IS ELIGIBLE FOR THE USDA PILOT REFINANCE:
Current USDA Mortgage Borrowers may be eligible to refinance their existing mortgage loans into new Guaranteed loans through the Rural Refinance Pilot program. In addition to the original 19 states that were eligible for the pilot program, 16 additional states identified by the National Rural Housing Coalition as containing a very high proportion of persistent poor counties are now eligible. (Read More)
HOW TO APPLY FOR A USDA PILOT REFINANCE:
To Apply For the USDA Pilot Refinance Program, applicants may apply with an approved lender that participates in the Rural Refinance Pilot Program.
To check your eligibility, please fill out the form to the right.