35 Questions About Tucson HARP 2.0 Refinance Loan Program


By Joseph Small

HARP Loan in Tucson. A few years back, you purchased a wonderful home here in Tucson, Arizona. Recently, you saw how low mortgage interest rates are these days and thought about refinancing to saving some money on your monthly payment – or perhaps to pay your home off faster. That was the plan! Then, like millions of other responsible homeowners, you found out that your home has an underwater mortgage. An underwater mortgage is when you owe more on your home than it is currently valued.

Click here to get HARP 2 refinance loan rates.

This is when the Home Affordable Refinance Program or HARP comes in to play. My team and I have put together a report on the 35 Most Frequently Asked Questions on the HARP refinance loan program in Tucson:

1. What are the basic criteria for the new HARP Loan Refinance Program?

Answer – There are three main criteria to qualify for the HARP 2.0 Refinance Loan program.
I. Your mortgage must be owned by Fannie Mae or Freddie Mac.
II. You must be current for the last six months and have no more than one 30 day late in the months 7-12. If you don’t meet these criteria currently, the HARP II program is scheduled to run till the end of 2013 so you have time to get current and still refinance.
III. Your property must have an 80% Loan to Value or greater and been purchased by Fannie Mae or Freddie Mac to June 2009.

2. Is there a way to determine if my loan is currently owned by Fannie Mae or Freddie Mac?

Answer – Yes. Fannie Mae and Freddie Mac both have a website to see if your mortgage is owned by the GSE’s. It is advised that you check both sites or just give us a call and we will do the work for you!

3. I went to the website you recommend to see if Fannie or Freddie owns my loan and it did not confirm my address. Am I out of luck?

Answer – No. The government is currently discussing making programs available for non-Agency loans to be refinanced into another type of mortgage program. However at the time of this report those programs have not been approved. Please keep checking with us for the latest information. Update: HARP 3 Refinance Loans

4. My mortgage is held by Fannie/Freddie. Now what do I do?

Answer – One of the first things you will need to do is pull out your current mortgage statement and write either Fannie or Freddie on it (which ever one owns your loan). Next, give that information to us when you apply for your HARP refinance.


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You can read more about the HARP refinance loan program at the Making Home Affordable website. You can also visit us at our HARP Loan website: My HARP Loan

Joseph Small and his team at Guild Mortgage Company is your trusted source for all your HARP refinance loan needs in Tucson, Sierra Vista, Sahuarita, Green Valley and Nogales, Arizona. Give them a call today! Maybe one day you too will say, “Joe’s My Lender!” (520) 303-5620

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