Gainesville HARP Refinance

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So you’ve always been on time with your home loan payments but there isn’t anyone who wants to allow your home to be refinanced because of its there {are ways to refinance mortgage your property faster and more effective than previously available. Welcome HARP, otherwise known as the Home Affordable Refinance Program. So what exactly is a Gainesville FL HARP refinance loan?

The Purpose of HARP

Created back in March of 2009, Gainesville Florida HARP refinance hopes to provide refinance mortgage loans to homeowners which owned homes that dropped in value. The purpose of this was to minimize the United States of America’s housing bubble of 2006. However this program was designed exclusively for homeowners who are current on their home loan payments, but rather have been making timely payments towards paying their home loan down.

Who’s Eligible for a Gainesville HARP Refinance

Similar to other government program, Gainesville HARP has a lot of basic requirements. Here is a closer look at some:

Only mortgage loans backed by either FNMA or Freddie Mac can be refinanced.
Mortgages must have been funded before May 31, 2009.
Home owners must not have been delinquent on any home loan payments, 6 months prior applying for Gainesville HARP refinance mortgage.
The LTV ratio must be at least 80%

In order to qualify there has to be some sort benefit to the property owner regarding home loan payments or stability in mortgage.

How do you benefit?

The HARP refinance has many measurable benefits. One example would be, if you currently have a $150,000 home loan balance on a now $120,000 property, you could have your loan refinanced. As such, you pay down the Gainesville home loan faster than before. Also, the monthly loan payments you make will most likely be smaller than before.

If your place of residence has gone down in value and you want to refinance your mortgage, then Gainesville HARP refinance is for you. If you are in need of further information, or would like to speak to an expert about Gainesville HARP mortgage loans, please call us at (877) 442-4023 or complete 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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