Refinance w/ poor credit, owe 123k (Fannie May) house area comp 110k current loan 6%, 8.5 years left to pay off .

You didn't provide enough info to properly answer your question... the only way to know for sure if you will qualify for a HARP loan is to apply with a local mortgage broker, let them run your credit, and let them run your file through Fannie Mae's automated underwriting system.. if it comes back "Approved Eligible", then that's half the battle.. we have lenders that will allow HARP refi's with credit scores down to 620, but you have to have the automated approval first... every scenario is different, so a lender needs to look at your COMPLETE profile.. not just bits and pieces... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Not enough info to help you. What is credit score, payment history on mtg and your income

William answered the question perfectly but the other questions is will there be a benefit to you refinancing with only 8 years left on the loan. the rate would be much lower and down to about the 4.0% range but what you really need is a 7/1 arm to get that paid off quicker and have a lower rate so ask the LOCAL broker you end up working with if they can get that loan on a HARP product.

As others have said, it depends... How low is your credit score, what is your mortgage payment history, etc. Mortgage are really approved mostly by a computer program which evaluates all your qualifications. Teh lender has to make sure the documentation fits the info given to the computer. if you've been late on your mortgage during the past 12 months it is less likely you'll be approve. Pick a reputable lender and let them try to get you approved. If you only have 8.5 years left even at 6% your savings may not be significant unless you switch to a much longer term for the new mortgage.

This would depend on when did you originally take the loan out. Was this before May 31, 2009? If so you would be able to refinance under the HARP 2.0 program. If the loan was taken out prior to the date above and you have not been late on your mortgage within the last 12 months you would be able to refinance with a lower rate. With 8.5 years left on your current mortgage you could refinance with a 10 year loan, and possible a 15 year loan but that would depend on the DU when run.

You provided PLENTY of information. Now pick up the phone and give me a call. Let's chat. No pressure. No obligation. Ask for Andrew 800 813 3291