USDA offers rural home mortgage refinancing

The U.S. Department of Agriculture is offering rural homeowners in Nevada a chance to refinance mortgages held or guaranteed by Rural Development.

Nevada Director Sarah Adler said the program is designed to help homeowners who may be upside down on their mortgage take advantage of very low interest rates now available.

According to Adler, there are 1,783 eligible loans among Nevada counties.

Lyon County has the most USDA mortgaged or guaranteed loans with 646. Douglas is second with 267 and Washoe third at 219 loans.

Churchill County has 110 eligible loans and Storey County 10 loans.

She said these are low- to moderate-income homeowners whose loans have already been guaranteed by the government.

"Refinancing these mortgages at a lower interest rate reduces the risk to the government, helps the families and provides an infusion of funds into the economy," she said.

USDA borrowers who have paid their mortgage on time for 12 months are eligible.

She gave an example in Minden, where a 30-year loan for $166,326 was refinanced, decreasing the monthly payment from $944 to $806.

"That cost savings of $138 a month makes a big difference for a family on a budget," she said.

No taxpayer funds are used to support the program, which is financed by fees on each loan.