Gainesville HARP Refinance

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Let’s say you’ve always been great with your mortgage loan payments but nobody is interested to refinance your home because of its declined value? Well, there is a way to refinance mortgage your property easier and better than previously available. Welcome HARP, aka the Home Affordable Refinance Program. So now you ask what exactly is a Gainesville FL HARP refinance?

What is HARP’s Purpose

Launched back in March 2009, Gainesville HARP refinance aims to be able to provide refinancing to homeowners which owned homes that decrease in value. The purpose of this was to prevent the United States housing bubble of 2006. This program however was designed solely for homeowners who are not behind their mortgage loan payments, but rather have been making timely payments towards paying their mortgage loan off.

Who’s Eligible for HARP

Same as any other government program, Gainesville HARP refinance loans has a lot of basic requirements. Take a look at some:

Only mortgages backed by either FNMA or Freddie Mac can be refinanced.
Mortgages are required to be applied for and acquired before May 31, 2009.
Home owners must not have defaulted on any mortgage payments, 6 months prior applying for Gainesville HARP refinance.
The LTV ratio must be over 80%

There has to be some benefit to the homeowner regarding mortgage payments or stability in mortgage.

Who benefits from HARP?

The HARP refinance has multiple benefits. For example, if you still have a $150,000 mortgage balance on a now $120,000 property, you could have your mortgage refinanced. In doing so, you pay the Gainesville Florida mortgage faster than before. Also, the monthly loan payments you make will most likely be smaller than before.

If your residence has gone down in property value and you would like to refinance your mortgage, 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 Florida HARP mortgages, please call us on (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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