Florida HARP Refinance
Home Affordable Refinance Program (HARP) – Extended through September 2017
HARP Refinance is for home owners whose mortgage loans are either owned or guaranteed with Fannie Mae or Freddie Mac. As of January 2017 in Florida alone, there are still over 1 million homes that are upside down.
This refinance program is designed for home owners who are current on their home mortgage loan. To qualify, you cannot have been late on your mortgage loan payments in the last 12 months. You are allowed to have had one late payment on one other credit item in the last 12 months, but not in the last six months. The home can be a primary residence, second home, or investment property. The property must have had a decrease in value. Your mortgage loan must have been on or before May 31, 2009. Your Loan To Value (LTV) ratio must be greater than 80%. Fannie Mae and Freddie Mac have different maximum LTV’s
HARP refinance loans require a loan application and underwriting process, and refinance fees will apply. A borrower should be aware that since the mortgage loans are either owned or guaranteed with Fannie Mae or Freddie Mac. A bank loan officer, lender, mortgage broker, or loan originator will have to run the borrowers financial information and credit through DU or LP.
These are the underwriting systems of Fannie Mae and Freddie Mac. The system will produce a rating or eligibility status for the borrower. The borrower should not pay or agree to pay for a survey, appraisal, or any other fee other than a credit report, without first seeing this DU or LP report. These reports will have conditions for their approval for refinancing. These conditions should be reviewed prior to any additions expenses being paid.
At this time, the only expenses that have a cure, other than time, are the cost of the credit report and the cost charged to the Lender for the DU or LP report. Do not fall into the banks and lenders traps of agreeing to pay for an appraisal or survey before you know your status and conditions. Many times, the consumer has been charged these fees for non refundable expenses prematurely only to be turned down shortly afterwards.
At the Solutions First Team at High Definition Mortgage Inc. we believe you should know and understand the process before you are charged any fee or expense for any loan program. We believe you should know all your options available to you as well as cost before you commit to any mortgage loan.
Home Affordable Refinance Program (HARP) Extended through September 2017.
If you believe your current mortgage loan balance is higher than your current home’s value you still may be eligible for this program.
If you have any questions or would like further assistance please contact us directly and we will try our very best to help wherever possible.
For further information about getting the right mortgage for you and to arrange your ‘NO-FEE ASSESSMENT’
CALL US on (+1) 941-223-9416