HARP 2 Refinance Program

One of the perks that HARP offers to a HARP eligible homeowner in Arizona is that a homeowner can refinance with less than 20% equity and NOT have to pay mortgage insurance.  Typically, when a homeowner has less than 20% equity in their home they are required to pay mortgage insurance.  With HARP's main focus being on helping homeowners that are upside down refinance and leverage today's record low mortgage rates, some retooling with regard to mortgage insurance guidelines was a must when … [Read more...]

HARP 2 for 2nd Homes & Rentals

Harp 2 is designed to help homeowner's leverage today's record low mortgage rates.  The  key to the program is the fact that the value of a homeowner's home is irrelevant.  No matter how far upside down someone is, they can take advantage of HARP 2 as long as they are eligible and approved.  The first layer of eligibility requires that a homeowner determine whether or not their mortgage is serviced by Fannie or Freddie and has been since May 31 of 2009.  You can do so here: Fannie Mae … [Read more...]

HARP 2 Loan Eligibility

Both Fannie and Freddie have provided an online tool to allow Arizona's homeowners to check and see if their Phoenix area home and mortgage is eligible for a HARP refinance.  The eligibility websites can be found here: To see if you are eligible for a HARP refinance please look up your address on the following two links: Fannie Mae Lookup Freddie Mac Lookup Arizona Homeowners can jump on these two mortgage sites and plug in some very basic information to see if they are eligible for … [Read more...]

HARP 2 – No Maximum LTV

Over the past few years, we have enjoyed historically low Arizona mortgage rates.  In a normal world historically low Arizona mortgage rates equate to Phoenix area homeowners refinancing and saving money on their home mortgage.  We all know our Arizona Real Estate world has been anything but normal over the past few years.  Decreasing values have made it difficult and oftentimes impossible for many homeowners to refinance due to the fact that standard mortgage regulations require that a … [Read more...]

HARP 2 and 2nd Mortgages

The new HARP 2 is set up to provide relief to homeowners that are upside down.  One of the requirements of the program is that a borrower who is refinancing with through HARP may only refinance their first mortgage and they cannot "roll in" a 2nd mortgage.  What does a homeowner do if they have a 2nd mortgage? Short answer - they need to get moving and apply for HARP now!  Second mortgages must be re-subordinated.  Re-subordinating a 2nd lien can take time and the results of a … [Read more...]