Despite being in what it calls “the economic cross hairs” of a hard-pressed sand state, the $1.3 billion Arizona State Credit Union is getting a big bounce out of the new Home Affordability Refinance Program – HARP 2.

“The results have been outstanding for us,” said Paul Stull, senior vice president of strategy and brand for the Phoenix credit union.

In less than 30 days Arizona State has taken in more than 350 applications for more than $52 million, Stull said.

 “This is the result of an outreach we have made to help homeowners who are underwater on their home loan to value,” he said. “We are helping them refinance to lower rates, which have not been available until now. We are saving most between $300 and $400 a month on their payments, going as high as $800 per month.”

HARP 2 began 30 days ago to provide greater flexibility to underwater homeowners beyond the 150% limit.