Hello Steve,

HUD has cut back the amount borrowers receive in recent changes to the program. When you add that to rising interest rates, most borrowers only qualify for a refinance and more money if their home has increased substantially.  I can’t assess your circumstances because I don’t know your ages, and with your balance being well over 50% of the value, it will be tight.

Your best bet would be to visit our online refinance calculator and check out the numbers for your circumstances.  In addition to your ages, the costs in your area will also have some bearing on whether this would benefit you, so I would encourage you to use the calculator to see how it works for you.  It is easy and free, and you don’t have to supply personal information.  The results are real-time and consider the actual costs for your area based on your zip code.  Give it a try; there is obligation and no harm in checking!