To benefit from a refinance, you must owe no more on your mortgage than 125% of what your home is currently worth. In other words, if your house is worth $100,000 today then you can't owe more than $125,000 on your mortgage in order to qualify for HARP (Home Affordable Refinance Program). This program helps very few people in Arizona due to the amount of depreciation we have seen in our local market in the last four years.
Your best chance of qualifying for HARP is with a Fannie Mae or Freddie Mac loan. Give us a call and we can quickly tell you whether your loan is owned by Fannie or Freddie. Our preferred lenders can provide expert assistance in helping you obtain a loan modification.
