Rural Refinance Pilot Program Announced

The USDA is launching the Single Family Housing Guaranteed Rural Refinance Pilot Program, which is designed to help rural home owners refinance their mortgages in order to reduce monthly payments.

The initiative is for borrowers who have loans made or guaranteed by USDA Rural Development and who have been able to make their payments on time for 12 months in a row.  It will operate in some of the states hardest hit by the housing bust, including Florida, Illinois, Indiana, Michigan, Nevada, and Ohio.