Florida HARP 2.0 Refinance Helps You Keep Your Home
With foreclosures at an all time high, people are searching ways to decrease their monthly payments with mortgage balances higher than the current home value. This is particularly difficult if their has been a recent loss in income or a loss in employment. However, the Florida HARP program, or the Home Affordable Refinance Program, as it has been titled here in Florida, can help many homeowners not only stay in their homes but can reduce their interest rates and repayments to a a more affordable level for their circumstances.
Recent changes to the HARP 2 program itself in March of 2012 restricts homeowners to certain requirements, but even so, the majority of homeowners who are drowning in mortgage debt and can’t keep up with the payments may qualify. Here are the requirements you must meet if you would like to apply for Florida HARP:
- Your loan must have originated prior to 5/31/2009.
- It has to be currently owned by Freddie Mac or Fannie Mae.
- We can refinance regardless of mortgage to home value ratios; no limits means no limits. If you owe 150%, 120%, 170%–it makes no difference of the loan to value ratio. Florida Harp 2.0 is the product change from the intial Florida Harp program.
- Your income is taken into account, it’s all counted towards your ability to repay. Credit is counted only a little but not soley the decision, and if you have assets you can liquidate this plays a big part on your approval process too.
- If you have PMI, it gets a little trickier but it still can be done.
- The loan process is successful but very slow. Expect 45-90 days for processing.
- Borrower must be current on all mortgages
Obviously one can expect the high volume of loans attempting to go through the HARP process and be approved by Freddie Mac and Fannie Mae. That said, being PATIENT is key. The program ends in 2013, so it’s vital that applicants work to get their paperwork together now.
We can refinance your home regardless of value if owned by Fannie Mae or Freddie Mac
These new rules will make it possible to complete a successful Florida Harp 2.0 Refinance!
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This blog is for informational purposes only. Please call our office for a detailed quote according to your current financial situation. NMLS #849597