Agriculture Secretary Tom Vilsack is encouraging eligible homeowners to take advantage of historically low home mortgage rates being offered in as many as 19 states through a USDA pilot loan refinancing program. Refinancing is available for any homeowner with a loan made or guaranteed by Rural Development, subject to eligibility requirements.

Mr, Vilsack believes – this refinancing opportunity has the potential to reduce costs for thousands of homeowners. He pledged that USDA will continue to work with borrowers, community leaders, and lenders in all 19 states participating in this program so everyone who is eligible can take advantage of this opportunity.

Across the 19 states covered by the pilot program, the number of eligible homeowners is estimated to total 237-thousand. The Secretary says USDA will be sending Section 502 direct and guaranteed borrowers in each pilot state a letter to make sure they are aware of the opportunity to refinance. The letter will provide instructions for interested borrowers to contact their lender or their State Guaranteed Coordinator to see if they qualify for the Rural Refinance Pilot program

Courtesy: NAFB News