Rural Housing
Streamline Pilot Refinance
WHY IS METRO MORTGAGE THE BEST PLACE TO REFI YOUR RURAL HOUSING LOAN?
Pilot Refinance
The USDA "Pilot Refinance" is a streamlined refinance, designed to allow the borrower to take advantage of improving market conditions.
Pilot refinances are only available in a few states, including South Carolina. There is very little underwriting. If you have made your last twelve mortgage payments on time, there is an excellent chance that you qualify!
You are bound by the same eligible geographical boundaries as when you did your original mortgage. But if your current income puts you over the limit that has been set for your area, you are ineligible for this program.
The calculator at right should give you an idea of the basic structure of a Pilot refi. It is designed to give you a rough idea of your payment, and how the loan is structured.
IS A RURAL HOUSING PILOT REFI THE BEST OPTION FOR YOU?
A Rural Housing Pilot Refi is the best option for you if:
- You are already in a Rural Housing Loan.
- You know mortgage rates have dropped since you got your current loan, and you want to take advantage of what the market currently has to offer.
- You don't want cash out.
- You don't want a lot of hassle!
- You have made your last 12 mortgage payments on time
You aren't on a Rural Housing loan now, you can't streamline refinance to a Rural Housing mortgage. Rural Housing Loans come still come
BASIC RURAL HOUSING PARAMETERS
Rural Housing Pilot Refinances are easy!
- Appraisals are not required.
- Your interest rate must be reduced at least 100 basis points.
- Underwriting is very relaxed. You need a score of 640 or higher. You need to have made the last twelve payments on time
- No asset verification, unless you need to bring money to close.
- You can refinance from an adjustable rate mortgage to a fixed rate mortgage.
- You can include your closing costs, so that no money is needed for closing. We will give you several options to consider.
- You can not get cash out at closing. (There is a full documentation Rural Housing refinance that might allow this.)
- Termite inspection is not required.
MORTGAGE INSURANCE
If might recall paying an upfront fee to the USDA when you closed on your original Rural Housing loan. And if you have been in your mortgage for a while, you may not be paying a monthly mortgage insurance premium to the USDA. The USDA now monthly premiums.
This means we have to consider if this program is a good option for you, or if a better option is available. The calculator at right can give you an idea of how these fees would impact you. Like FHA, you pay an upfront fee at closing. For Rural Housing loans, this is 2.75% of the starting balance, and it can roll on top of the loan.
You then pay a monthly premium for the rest of the loan, of .0005% of your loan balance. Every year, your the premium is reassessed based on the new principal balance. So, over time, your premiums will gradually decrease.
These are fees that are paid to the Federal government. They are tax deductible.
RURAL HOUSING PILOT REFINANCE DOCUMENTS
We truly appreciate all the help and the kind words. Being first time home buyers, we were somewhat nervous but you truly gave us peace and made the ride a smooth one! Can’t thank you enough!
The Taylors
We designed this calculator do give you an rough idea of what a Conforming Purchase would like for you today. You can get our current published rate for Conforming loans under "Rates". You should find everything else on your most recent mortgage statement.
Play with it! And read more information below.
Rural Housing Refi Pilot Refinance Calculator
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