Gainesville HARP Refinance

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Let’s say you have never been late with your home loan installments but nobody wants to allow your home to be refinanced due to its depletion of value? Luckily, there is a way to refinance mortgage your residence faster and better than ever before. Meet HARP, otherwise known as the Home Affordable Refinance Program. So what precisely is a Gainesville FL HARP refinance mortgage?

The Purpose of HARP

Launched in March of 2009, Gainesville HARP refinance aims to be able to provide refinance mortgage loans to homeowners whose home dropped in value. This was primarily created to prevent the United States housing bubble of 2006. However this program was implemented solely for homeowners who are not behind their home loan installments, but instead have been effectively paying their mortgage down.

Who’s Eligible for a Gainesville HARP Refinance

Same as other government program, Gainesville HARP refinance loans has many requirements. Take a look at some:

Only home loans backed by either FNMA or Freddie Mac are covered by HARP.
Mortgage Loans are required to be applied for and acquired before May 31, 2009.
Homeowners must not have been delinquent on any mortgage payments, 6 months prior applying for Gainesville HARP refinance mortgage.
The LTV ratio must be over 80%

There has to be some type benefit to the home owners in regards to their home loan payments or stability in mortgage.

How do you benefit?

The Gainesville HARP refinance has many measurable benefits. For example, if you currently have a $150,000 home loan balance on a now $120,000 residence, you could have your mortgage refinanced. As such, you pay the Gainesville home loan faster than before. In addition, the monthly loan payments you make will most likely be smaller than you are currently paying.

If your home dropped in value and you want to do a refinance, then Gainesville HARP refinance is for you. If you would like to have additional information, or would like to speak to an expert about Gainesville HARP mortgages, please call us at (877) 442-4023 or fill out our rate quote form.

First Nationwide Lending offers home owners, and those look to refinance, a variety of different financial options, including, but not limited to: purchase mortgages, refinance loans, reverse mortgage loans, USDA loans, FHA home loans, jumbo mortgage loans, HARP refinance mortgages, and VA loans.

 

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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