Refinancing Rural Housing Loans: Rural Housing Service Announces Pilot Program
On the heels of President Obama’s State of the Union address, the U.S. Department of Agriculture this month announced a two-year pilot program to help borrowers with USDA-guaranteed loans refinance their mortgages at lower rates without obtaining a new credit report, appraisal, or property inspection. The program will be offered only in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee, states selected because they are among those hardest hit by the downturn in the housing market. The Department estimates that 235,000 homeowners will be eligible to refinance their loans through this program. Read More