USDA has a new “streamline” refi program — better than HARP for USDA Refi’s.

It’s only offered in 19 states.

Here’s the link to see if your state is one of them.

http://www.usda.gov/wps/portal/usda/usdahome?contentid=2012/02/0038.xml&contentidonly=true

Logo of the USDA Rural Development office, part of the Department of Agriculture. (Photo credit: Wikipedia)

USDA Rural Development estimates 235,000 homeowners will be eligible to refinance their loans, which is expected to save them considerable time and money. To be eligible under this pilot, borrowers must have made their mortgage payments on time for 12 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 30 years. No cash out is permitted to the borrower.

The two-year pilot is open to homeowners in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. The performance of the pilot will be reviewed after two years to evaluate whether to continue it, terminate it or make it permanent.

Related articles

• USDA Announces HARP-like Program (harp2.com)
• 2012 USDA Rural housing loan program Refinance for Kentucky (kentuckyusdaloan.com)
• USDA to help thousands of rural homeowners (sfgate.com)
• USDA to help thousands of rural homeowners (seattletimes.nwsource.com)
• USDA to help thousands of rural homeowners (mysanantonio.com)

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