The Administrator of Rural Housing Programs at USDA Rural Development, Tammye Trevino was in Ohio on Thursday, June 7 meeting with lenders, gathering feedback on the Rural Housing Refinance Pilot Program.
“What that allows a homeowner to do, is to refinance and existing USDA guaranteed or direct loan through a private sector lender,” said Trevino. “We are only going to look at whether you have made the past 12 months of your mortgage payments on time, and if you’re current, you’ll be eligible to refinance your home.”
The Administrator tells Brownfield that during the two year pilot they’ll be evaluating the program to determine if it will be continued, terminated or made permanent. Trevino says questions they’re asking centers around the homeowner.
“How are the loans performing that have been refinanced, are people really saving money through this pilot, is the money going back in to the pockets of the home borrowers,” said Trevino.
As one of the 19 pilot states announced back in February, Trevino says it was good to be in Ohio to hear from those working with the borrowers.