2015 Kentucky USDA Rural Housing Refinance Pilot Program Guidelines
Do you have a Kentucky USDA Rural Development loan that you would like to refinance to a lower rate? WHO IS ELIGIBLE: Kentucky Current Section 502 Direct and Guaranteed loan borrowers may be eligible to refinance their existing Kentucky USDA mortgage loans into new Guaranteed loans through the Rural Refinance Pilot program. There are 35 states that are currently eligible for the Refinance Pilot Program and Kentucky is one of them. APPLICANT MUST : •Be a current Section 502 Direct or Guaranteed loan borrower •Meet the applicable adjusted income eligibility limit Reside in an eligible rural area, or an area that was eligible at the time of original loan closing •Have made timely mortgage payments for the previous 12 months at the time of loan application TERMS: •The new interest rate fixed and a minimum of 100 basis points (1%) lower than the current interest rate •The new loan term must be 30 years •Borrowers may be added to the new loan. Original borr...