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Neighborhood Housing Services of Chicago
Quick Hit
by Ellyn Fortino
2:47pm
Fri Jul 11, 2014

FHFA: 36,000 Underwater Chicago-Area Homeowners Eligible For Refinance Program (VIDEO)

Thousands of Chicago-area residents are eligible for, but have not taken advantage of, the federal Home Affordable Refinance Program, or HARP, which provides refinance opportunities for certain underwater homeowners.

Nearly 36,000 borrowers in the Chicago metro area are eligible to save between $2,000 to $3,000 annually by refinancing their mortgages as part of the program, according to the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.