Wednesday, Feb 1 2012 6:21PM
The U.S. Department of Agriculture (USDA) recently announced it will launch a trial program that will assist rural homeowners with refinancing their homes to lighten their monthly mortgage payments or shorten their loan term.
The U.S. Department of Agriculture (USDA) recently announced it will launch a trial program that will assist rural homeowners with refinancing their homes to lighten their monthly mortgage payments or shorten their loan term.
Homeowners in 19 states, including Arizona, California, Nevada and New Mexico, will be eligible for the two-year pilot program. After the trial period, USDA reports the
rural community assistance program will be reviewed to determine its efficiency. It's estimated that 235,000 homeowners will qualify for the program.
Some qualifications for the program include staying current on mortgage payments without having missed a payment in 12 consecutive months. The announcement of the new program will provide assistance for rural homeowners in addition to a previously initiated modification program.
"Through initiatives like the one we are announcing today, the Obama Administration is taking aggressive steps to fight for middle class homeowners who have played by the rules and are trying to get ahead," said Agriculture Secretary Tom Vilsack.
For further information, check out:
United States Department of Agriculture