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.


This story originally appeared on Oregon Public Broadcasting.

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