After launching an innovative subprime rescue pilot in 2007 with the National Federation of Community Development Credit Unions, ASI FCU was awarded $1M by the CDFI Fund, under the U.S. Department of the Treasury, to expand the program. This program will be the first of its kind locally.
The funding will allow ASI to help many Louisiana families who have been pushed to the brink of foreclosure by the subprime mortgage meltdown. ASI will be able to affordably refinance mortgage loans which were initially made by subprime lenders, in many cases saving homeowners hundreds of dollars in monthly mortgage payments.
To qualify for the program, homeowners must currently be able to verify income, must be able to show employment for a minimum of two years in the same industry, must have a debt to income ratio of less than 50%, and must be trapped in an adjustable-rate or other subprime mortgage.
To determine whether you meet qualifications and for additional information about the program, please call x 79144 or x 79206 and inquire about ASI’s subprime refinance pilot.
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