PHOENIX – Arizona State CU said it has saved its members more than $2 million in annual costs, with the average member saving $369 on monthly mortgage payments, through the government’s Home Affordable Refinance Program, or HARP 2.0.
Since the program’s roll out in March, the credit union has accepted 1,042 applications 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 2.0.
HARP 2.0 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. The program is targeted to conclude on Dec. 31, 2013.