Rural Nevada homeowners eligible for refinancing program

CARSON CITY -- Rural Nevada homeowners with mortgages held by USDA Rural Development may be eligible to refinance their loans and save money.

USDA Rural Development Director Sarah Adler says with interest rates at historically low levels, homeowners who are current on payments may be eligible for the Rural Refinance Pilot Program announced last week.

The program is being offered in 19 states hardest hit by the recession, including Nevada.

The program targets homeowners with existing USDA loans who have paid their mortgage on time for the past 12 months.

Officials estimate nearly 1,800 loans in Nevada may be qualify for refinancing.