PHOENIX – Arizona State CU said it has accepted 167 applications for the Home Affordable Refinance Program in its efforts to help underwater homeowners obtain more affordable mortgages.
Homeowners who are current on their Fannie Mae mortgage and have been unable to obtain traditional refinances because the values of their homes have declined may be eligible for HARP.
HARP has been extended by the Federal Housing Finance Agency to help eligible homeowners refinance their mortgages to take advantage of today’s historically low interest rates, even if the outstanding balance of the mortgage is greater than the value of the home.
