Ag. Secretary announces expansion of refinancing program - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Ag. Secretary announces expansion of refinancing program

COLUMBIA, MO (KFVS) -

The USDA is adding 15 more to a pilot program that enables current USDA borrowers in Missouri to save money on housing costs by refinancing their mortgages with lower interest rates, according to Agriculture Secretary Tom Vilsack.

According to USDA, participants in the pilot refinancing program are required to meet income eligibility requirements, and must have made their mortgage payments on time for 12 consecutive months.

Borrowers participating in USDA's Single Family Housing Direct and Guaranteed loan programs are eligible to participate. Borrowers do not have to obtain new credit reports, property inspections or home appraisals.

Refinanced loans must be at least one percent below the original interest rate. Terms cannot exceed 30 years. No cash out is permitted to the borrower.

"We recognize the importance of having a place to call home," said Missouri Rural Development State Director Janie Dunning. "We also recognize some of our borrowers are struggling with making their house payment because of economic events which are beyond their control. Allowing Missouri rural borrowers to refinance their mortgages will assure families can remain in their homes and communities' housing stock can remain strong."

According to Missouri Rural Development, the USDA unveiled the initiative almost one year ago. It initially included borrowers in 19 states hardest hit by the downturn in the housing market.

To date, 3,394 rural borrowers have benefited from the USDA refinancing pilot program. These loans total nearly $453 million.

The pilot is being expanded to include residents in the following states: Alaska, Arkansas, Colorado, Idaho, Kansas, Missouri, Montana, North Dakota, Oklahoma, South Dakota, Texas, Utah, Washington, West Virginia, Wisconsin, and the Commonwealth of Puerto Rico.

Copyright 2013 KFVS. All rights reserved.

  • Heartland NewsMore>>

  • What you need to know July 17

    What you need to know July 17

    Tuesday, July 17 2018 5:22 AM EDT2018-07-17 09:22:28 GMT
    Don't forget the sunscreen! (Source: pixabay.com)Don't forget the sunscreen! (Source: pixabay.com)
    Don't forget the sunscreen! (Source: pixabay.com)Don't forget the sunscreen! (Source: pixabay.com)

    Good morning, it is Tuesday, July 17. First Alert Forecast Not everyone will feel the heat relief today. 

    Good morning, it is Tuesday, July 17. First Alert Forecast Not everyone will feel the heat relief today. 

  • What you need to know July 16

    What you need to know July 16

    Tuesday, July 17 2018 5:19 AM EDT2018-07-17 09:19:54 GMT
    It's going to be another hot one (Source: Pixabay)It's going to be another hot one (Source: Pixabay)

    Good morning, it is Monday, July 16. First Alert Forecast High temperatures will be in the lower-to-mid 90s today with feels-like temperatures again topping out in triple-digits.

    Good morning, it is Monday, July 16. First Alert Forecast High temperatures will be in the lower-to-mid 90s today with feels-like temperatures again topping out in triple-digits.

  • Wait times for dicamba complaints frustrating Bootheel farmers

    Wait times for dicamba complaints frustrating Bootheel farmers

    Monday, July 16 2018 11:46 PM EDT2018-07-17 03:46:15 GMT
    While the damage to his fields last year was limited, Mainord said other farmers say they have lost of a lot of yield on their crops (Source: Nathan Ellgren, KFVS)While the damage to his fields last year was limited, Mainord said other farmers say they have lost of a lot of yield on their crops (Source: Nathan Ellgren, KFVS)

    While the damage to his fields last year was limited, Mainord said other farmers say they have lost of a lot of yield on their crops.                                     

    While the damage to his fields last year was limited, Mainord said other farmers say they have lost of a lot of yield on their crops.                                     

Powered by Frankly