PHOENIX (4/10/12)--Arizona State CU, based in Phoenix, has accepted 167 applications for the Home Affordable Refinance Program (HARP) to help underwater homeowners obtain more affordable mortgages in today's low-interest rate environment.
Homeowners who are current on their Fannie Mae mortgage and have not been able to obtain traditional refinances because of the decline in their home's value, may be eligible for HARP.
"If members can benefit from a lower mortgage payment, then we, as a local financial cooperative, need to meet this need," said David Doss, president/CEO of the $1.3 billion asset credit union. "The opportunity to offer HARP is significant to the credit union as it can help Arizona residents rebound from economically challenging times," he said.
HARP has been extended by the Federal Housing Finance Agency to help eligible homeowners refinance to take advantage of historically low interest rates, even if the outstanding balance of the mortgage is greater than the value of the home.