USDA Offering Refinancing to Homeowners
ModularHomeCoach reports the United States Department of Agriculture (USDA) has instituted a program through its Rural Development Housing division to lower interest rates and monthly payments for thousands of borrowers who have loans made or backed by the USDA. The pilot program, designed to improve the housing market, is being tested in 19 states stretching from Rhode Island to California to the Midwest and on to Georgia and North Carolina. Tammye Trevino, USDA administrator says, “USDA will work with industry stakeholders, citizens and other federal officials to build upon the administration’s goals to help responsible homeowners refinance loans stay in their homes and shore up the nation’s housing market.” MHProNews.com notes the article expresses hope the program is not just another government drain that takes money away from new home construction.
(Photo credit: ModularHomeCoach/USDA Administrator Tammye Trevino)