Skip to Content

Sign Up for the
Udall Update

Stay Connected

Problems at the VA?

Discuss on Facebook

Home  »  News Room  »  News

Udall: USDA Pilot Program to Help Rural N.M. Homeowners

Residents Encouraged to Contact Their Bank for Eligibility

February 2, 2012
  • WASHINGTON -U.S. Senator Tom Udall (D-NM) today announced that the U.S. Department of Agriculture will launch a new Single Family Housing Guaranteed Rural Refinance Pilot Program in New Mexico to help rural borrowers refinance their mortgages.

    Currently, approximately 2,000 New Mexico families are enrolled in the Single Family Housing Guaranteed Loan Program. They are now eligible to refinance their homes at a lower interest rate and reduce their monthly mortgage payments. To take part in the new pilot program, rural residents are encouraged to contact their banks.

    "I applaud the Obama Administration for expanding their homeowner assistance programs in New Mexico," Udall said. "The money that this program will save makes a big difference to families trying to make ends meet and struggling to stay in their homes. I am working with USDA to see that the initiative helps New Mexico's rural communities as much as possible."

    To be eligible under this pilot, borrowers must have made their mortgage payments on time for 12 consecutive months. They do not have to obtain new credit reports, property inspections or home appraisals. Refinanced loans must be at rates below the original interest rate. Terms cannot exceed 30 years. No cash out is permitted to the borrower.

    Office Locations

    • Albuquerque
      219 Central Ave NW
      Suite 210
      Albuquerque, NM 87102
      (505) 346-6791

    • Carlsbad
      102 W. Hagerman Street
      Suite A
      Carlsbad, NM 88220
      (575) 234-0366

    • Eastside Office
      100 South Avenue A
      Suite 113
      Portales, NM 88130
      (575) 356-6811

    • Las Cruces
      201 N. Church Street
      Suite 201B
      Las Cruces, NM 88001 
      (575) 526-5475

    • Santa Fe
      120 South Federal Place
      Suite 302
      Santa Fe, NM 87501
      (505) 988-6511

    • Washington, DC
      110 Hart Senate Office Building
      Washington DC, 20510
      (202) 224-6621