AZ Real Estate 09-04-2016

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WWW.AZCENTRAL.COM

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A LIFELINE FOR UNDERWATER HOMEOWNERS SUSAN TOMPOR DETROIT DAILY NEWS

H

omeowners who owe more

What is HARP?

than their homes are worth

Launched in March 2009, it stands for the Home Affordable Refinance Program.

will get another shot at federal help under a new streamlined refinance op-

tion announced Thursday. The Federal Housing Finance Agen-

cy said that Fannie Mae and Freddie Mac will be offering a new refinance plan beginning in October 2017. In addition, the agency also announced that HARP — the Home Affordable Refi-

The program gives certain homeowners who are underwater on their mortgages the ability to refinance to lower mortgage rates without paying down principal or securing new mortgage insurance. The program is available to homeowners until September 2017.

nance Program — is being extended until Sept. 30, 2017. It had been expected to expire in December. The original eligibility criteria with HARP required the loan to be originated before June 1, 2009, to qualify. But there is no such cut-off date under the new refinance option that begins later next year. Another main difference: Homeowners will be able to refinance more than once. See HARP, Page 3R

THINKSTOCK AND ALEX GREGORY/GANNETT

CATHERINE REAGOR REAL ESTATE

Olympic medalist Naddour takes on real-estate market Olympic medal-winning gymnast Alex Naddour spent some time checking out the metro Phoenix real-estate market when he wasn’t competing in Rio. The 25-year-old, who won a bronze on the pommel horse in Brazil, is also a Valley real-estate agent. Naddour grew up in Gilbert and now lives in Queen Creek. He got his Arizona real-estate license two years ago. He’s an

agent with Arizona Elite Properties. “Selling real estate in the Valley also takes a competitive edge,� Naddour told me earlier this week as he was leaving a typical five-hour afternoon training session at USA Youth Fitness Center in Gilbert. The gym is owned by his dad and coach, Mike Naddour. The next day the gymnast left for Kel-

logg’s Tour of Gymnastics Champions, which will take him to almost 40 U.S. cities during the next 10 weeks. But he doesn’t leave his real-estate job behind. “Since you can now close real-estate deals online, I have been able to work on sales contracts when I am on the team bus or competing in other countries,� said

Naddour, who got his real-estate license two years ago. Plus, Naddour has a real-estate partner who understands the demands of being a gymnast. See REAGOR, Page 3R

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