A pilot program to help Oregonian homeowners reduce their mortgage payments isn't proving as popular as housing advocates had hoped.

The Rebuilding American Homeownership Assistance Pilot Program has been up and running almost a month. It allows people who don't have Fannie Mae or Freddie Mac loans, to re-finance a high-interest mortgage -- even if that mortgage is bigger than the current value of the home.

But Ben Pray of Oregon Housing and Community Services says the agency has only seen a trickle of about 100 applications.

"We've had some applications come through, and that's good. But we need a few more to see if it's a viable program," Pray says.

Senator Jeff Merkley worked to find $10 million for the program. It's expected to help about 60 home owners. If it proves successful, it could be rolled-out nationally.

http://www.oregonhomeownerhelp.org

This story originally appeared on Oregon Public Broadcasting.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.