WASHINGTON D.C. – January 31, 2013 – (RealEstateRama) — U.S. Senator Mark Pryor today announced Arkansas homeowners may now be eligible to participate in a U.S. Department of Agriculture (USDA) pilot program that would allow them to refinance their mortgages and save hundreds of dollars a month. In November 2012, Pryor wrote to the USDA Rural Housing Service urging them to include Arkansas in the program.
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Pryor said over 31,000 low-income and rural Arkansans are currently using USDA loans to secure housing. The Single Family Guaranteed Rural Refinance Program would allow these homeowners to renegotiate more favorable mortgage rates, saving the average mortgage borrower approximately $140 a month and reducing mortgage rates by nearly 2 percent.
“By allowing homeowners to renegotiate their mortgages, the USDA’s pilot program has helped save families’ time and money,” Pryor said. “I’m pleased the USDA has decided to include our state in this program, and I hope eligible Arkansans will take advantage of this money-saving opportunity.”
According to the USDA, Alaska, Colorado, Idaho, Kansas, Missouri, Montana, North Dakota, Oklahoma, South Dakota, Texas, Utah, Washington, West Virginia, Wisconsin, and the Commonwealth of Puerto Rico will also be included in the expanded pilot program. Arkansans interested in learning more may contact their local USDA Rural Development Office or visit the USDA’s website here.
