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Mortgage Relief for Homeowners “Underwater” on their Mortgages

If you are “underwater” on your home (meaning you owe more than your home is worth), the recent HARP changes were designed specifically to help homeowners like you refinance their existing mortgage.

If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

Take advantage of low interest rates
Many homeowners have been unable to refinance to get a lower rate. But now there’s help with HARP–not only could you lower your interest rate, you may also lower your monthly payment and/or shorten the term of your mortgage and possibly improve your financial situation.

NIH Federal Credit Union may be able to help
You may be eligible for HARP if your mortgage is owned by Fannie Mae or Freddie Mac. Review the frequently asked questions below and then call us today at 855-203-4747 (toll-free) for assistance or to take advantage of this opportunity.

What is HARP?

HARP stands for the Home Affordable Refinance Program. It was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009 as part of the Obama Administration’s Making Home Affordable program. HARP provides eligible homeowners, who may not otherwise qualify for refinancing because of declining home values, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product. The program was enhanced in 2011 to assist more eligible borrowers who could benefit from refinancing their home mortgage.

Am I eligible for HARP?

Only mortgages owned or guaranteed by either Fannie Mae or Freddie Mac are eligible for refinance under the enhanced and expanded provisions of HARP. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

What does it mean to “refinance” my mortgage?

When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.

What enhancements were made to HARP that may make me eligible now?

There were several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify.

Is HARP the only refinance program available?

HARP is one of several refinancing options available to eligible homeowners. But HARP is unique—it’s
the primary refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits.

What if I have an adjustable-rate mortgage (ARM)?

HARP allows you to replace your adjustable-rate mortgage and many homeowners opt for a more stable fixed-rate mortgage. Every adjustable-rate mortgage is different, but refinancing may still provide you with a lower monthly payment, and allow you to avoid the sometimes large payment increase that comes once your ARM initial rate ends. The stability of a fixed monthly payment will give you security in knowing what you’ll owe every month.

How does the HARP refinance process work?

Call us today at 855-203-4747 (toll-free). One of our loan counselors will help you understand how refinancing could benefit you. If you agree that HARP is right for you, we’ll help you through every step of the process.




Owe more on your mortgage than the current value of your home?

You still may be able to refinance your mortgage with the newly revised HARP program even if you have been previously declined for refinancing.

Take advantage of HARP and you could:

  • Lower your payment
  • Lower your interest rate
  • Decrease your loan term and pay off your mortgage sooner

To start saving, call 855-203-4747 (toll-free) or request a Mortgage Check-Up.

Free Mortgage Check-Up