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USDA program helps rural NM homeowners

—Marissa Padilla

On February 2, U.S. Senator Tom Udall (D-NM) announced that the U.S. Department of Agriculture will launch a new Single Family Housing Guaranteed Rural Refinance Pilot Program in New Mexico to help rural borrowers refinance their mortgages.

Currently, approximately two-thousand New Mexico families are enrolled in the Single Family Housing Guaranteed Program. They are now eligible to refinance their homes at a lower interest rate and reduce their monthly mortgage payments. To take part in the new pilot program, rural residents are encouraged to contact their banks.

“I applaud the Obama Administration for expanding their homeowner assistance programs in New Mexico,” Udall said.

To be eligible under this pilot, borrowers must have made their mortgage payments on time for twelve consecutive months. They do not have to obtain new credit reports, property inspections, or home appraisals. Refinanced loans must be at rates below the original interest rate. Terms cannot exceed thirty years. No cash out is permitted to the borrower.

 

 
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