USDA Rural Development is launching a pilot program to help Illinois homeowners with existing mortgages with the agency to refinance their mortgage to reduce their monthly payments. The Single Family Housing Guaranteed Rural Refinance Pilot Program operates in Illinois and 18 other states. These countries are among the hardest hit by the downturn in the housing market.
"This program can at least 15,000 homeowners in Illinois to help," Rural Development State Director Colleen Callahan said.
"Homeowners that rural direct or guaranteed loans can now sell their loans to refinance at a better rate," she said. "We can help them save money on their mortgage payments at a time when they may need it most."
The pilot program makes it easier for eligible homeowners to refinance their loans. They do not need a new credit reports, property appraisals or home inspections to offer.
Certain provisions apply. To be eligible under this pilot, borrowers must have their mortgage payments on time for 12 consecutive months preceding the application for a loan. The interest must be at least one percent under the creditworthiness of the current interest rate for a new 30 year loan term. Borrowers can not get money back from the transaction or repair costs of refinancing.
The pilot program is the USDA's most recent effort in the country to help homeowners. In recent years, the agency changed its policy for guaranteed loans to homeowners who are delinquent on their mortgages to help. It is also a way to set guaranteed lenders offer up to 12 months of mortgage payments on behalf of borrowers who have fallen behind on their payments due to job loss or other hardships.
After two years the implementation of the pilot will be evaluated to determine whether to continue, terminate or permanently. Besides Illinois, other states involved in the pilot are Alabama, Arizona, California, Florida, Georgia, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee.
Interested borrowers should contact Rural Development at 217-403-6216 or a lender of their choice to apply for the Rural Refinance Pilot.
Rural Development has more than 40 programs to promote growth and economic stability in rural areas by providing affordable financing and technical assistance. Support is available for regional food systems, broadband and biofuel infrastructure, housing, business development and community needs. More information about USDA Rural Development programs is available on the web at www.rurdev.usda.gov / il.
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