For Immediate Release
October 12, 2012
Local Contact: Jordan Adams
Arizona State Credit Union Finds Success with Home Affordable Refinance Program
Credit union saves members hundreds of dollars on monthly mortgage payments
PHOENIX, Ariz. –Arizona State Credit Union’s ability to offer the Home Affordable Refinance Program (HARP 2.0) saved 600+ members more than $2 million annually, with the average member saving $369 on monthly mortgage payments.
Since the program’s roll out in March 2012, the credit union has accepted 1,042 applications in its quest 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.
“I am thrilled that we can offer this product to our members, especially after seeing how many have benefitted from the program,” said David E. Doss, President/CEO of Arizona State Credit Union. “As a local financial cooperative, it is our responsibility to help Arizona residents rebound from economically challenging times, and HARP allows us to do just that.”
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 December 31, 2013.
Those interested in learning more or applying for HARP are encouraged to contact Arizona State Credit Union at 855.505.HOME or azstcu.org/harp. While not everyone will qualify, the credit union offers multiple mortgage products to ensure people get the term and rate that best fits their needs.
About Arizona State Credit Union
Arizona State Credit Union is a $1.3 billion full-service, not-for-profit local financial cooperative with a statewide branch network serving the people of Arizona. More than 125,000 Arizonans turn to Arizona State Credit Union for the organization’s commitment to meeting members needs with enhanced services and community outreach programs. Arizona State Credit Union has grown dramatically since its founding in 1951, providing a full line of financial products and services at 21 locations across the state. More than 60 years of excellence and outstanding customer service have helped the Credit Union become a six-time winner of Arizona Business Magazine’s Ranking Arizona and a five-time recipient of the Peter Barron Stark & Associates Award for Workplace Excellence™. Arizona State Credit Union is headquartered in Phoenix and welcomes membership from businesses and individuals throughout the state. Reach us at 800.671.1098 or visit us at www.azstcu.org.