Government announces new program to help rural homeowners

The U.S. Department of Agriculture is launching a pilot program to help rural borrowers refinance their mortgages to reduce their monthly payments.

The program, called the Single Family Housing Guaranteed Rural Refinance Pilot Program will operate in 19 states including Florida for homeowners who have loans that were made or guaranteed by USDA Rural Development.
USDA estimates 235,000 homeowners will be eligible to refinance their loans through the program.
To be eligible, borrowers must have made their mortgage payments on time for 12 consecutive months.
They do not have to obtain new credit reports, property inspections or home appraisals.
Refinanced loans must be at rates below the original interest rate and terms cannot exceed 30 years.
The USDA says the program will not cost taxpayers additional money but will help rural homeowners in good standing to refinance their homes and bring increased capital to rural America and ease the financial burdens on homeowners.


http://www.oysterradio.com e-mail manager@oysterradio.com with comments