Washington Report

Advocacy Updates from Washington D.C.

USDA Unveils Rural Refinance Pilot

February 13, 2012

The US Department of Agriculture’s (USDA) Rural Development announced a pilot refinance program for the Single Family Housing Guaranteed Loan Program (SFHGLP). The pilot allows borrowers in both the direct and guaranteed programs to refinance their programs with greater efficiency. Designed to help those in the hardest hit states, participants will be able to take advantage of historically low interest rates without the need for obtaining a new credit report, an appraisal, or a new property inspection. Borrowers must still meet income requirements, reside in an eligible rural area and have made timely mortgage payments for the 12 months prior to the refinance.