USDA Pilot Program Qualifications

Bruce in Mount Dora is not upside down on his mortgage and has excellent credit. He is current with his payments on a Fannie Mae backed loan. He is looking to refinance and is curious about the USDA Pilot Program. He asks Robert Palmer is he qualifies and what his options might be.

The USDA Pilot Program is for existing USDA homeowners. They have a great 100% financing home purchase program but is only available in certain designated rural areas around the state of Florida. For customers that have the USDA loan already, they can take advantage of this program. Fannie Mae and Freddie Mac rolled out HARP to help their clients, so USDA created this program to help USDA customers.

Outside of USDA and HARP, with good credit, current payments, a decent balance and some equity in your home, you should be able to refinance no problem to around mid to high 3% with a 20 year and high 2% or low 3% with a 10 or 15 year loan.