American First CU’s Participation in the “Making Home Affordable Program” Allows Qualifying Members to Refinance up to 25% More than Their Current Home Value

      La Habra, Calif., October 1st, 2009— American First Credit Union is pleased to participate in the “Making Home Affordable” federal mortgage assistance program. The program is part of the Obama Administration’s plan to stabilize the housing market and limit home foreclosures. As a participant in the program, American First can now refinance existing mortgage loans up to 25 percent more than the current value of the home, as long as the member qualifies and the loan is currently secured by Fannie Mae or Freddie Mac. 

     American First Credit Union embraced the program as soon as the first phase was available in March 2009. Since then, it has loaned its members more than $14 million. The second phase of the program has further expanded member options by allowing the credit union to now refinance loans originating from other financial institutions, as long as they are currently secured by Fannie Mae or Freddie Mac.

     As property values declined and the number of foreclosures increased, we knew we needed to do all we could to help members who were struggling to make their monthly mortgage payments,” said Bob Street, American First President/CEO. “By quickly embracing the federal ‘Making Home Affordable’ program, we’ve already been able to loan members more than $14 million, helping them to reduce their payments and stay in their homes during these challenging economic times.”

     American First Credit Union (AFCU) is a member-owned, full-service financial cooperative established in 1952. AFCU has over $665 million in assets and serves more than 70,000 members. Membership is open to anyone who lives, works, worships or attends school in Orange County or 16 additional cities throughout the Greater Los Angeles area. To determine credit union eligibility or to find branch locations, visit www.amerfirst.org or call 800/ 290-1112.

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