The U.S. Department of Agriculture spent National Homeownership Month highlighting the role housing plays in small towns and rural communities.
It’s part of a goodwill campaign to show how the government is helping low-income, rural Americans find a path to home ownership. For example, USDA is providing mortgage refinance options for homeowners in 19 states, to help them refinance their mortgage at today’s historically low interest rates and give them a leg up in maintaining their investment.
“Helping homeowners refinance their homes to reduce their monthly payments and take advantage of low interest rates will bring increased capital to rural residents and the communities where they live and work,” said USDA Rural Housing Service Administrator Tony Hernandez.
The changes will make it faster and cheaper for homeowners to refinance USDA mortgages. USDA began testing these changes in a 2012 a pilot program that was later expanded to include 34 states and Puerto Rico. To date, nearly 9,500 homeowners have refinanced their mortgages. Some borrowers saved as much as $600 a month. The average savings is around $150 per month.