Sunrise HARP Refinance

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Apparently you’ve always been great with your home loan payments but for some reason nobody wants to allow your home to be refinanced because of its reduction of value? Luckily, there is a way to take out a refinance mortgage on your property easier and more effective than ever before. Meet HARP, otherwise known as the Home Affordable Refinance Program. So now you ask what precisely is a Sunrise HARP refinance loan?

Purpose of Sunrise HARP Refinance

Launched back in March of 2009, Sunrise HARP refinance aims to provide refinance mortgage loans to home owners whose home decrease in value. The purpose of this was to prevent the United States of America’s housing bubble of 2006. This program however was created exclusively for home owners who are current on their home loan payments, but rather have been making timely payments towards paying their mortgage loan down.

Who’s Eligible for HARP

Similar to any other government program, Sunrise HARP refinance loans has many requirements. Here is a closer look at some:

Only home loans guaranteed by Fannie Mae or Freddie Mac can be refinanced.
Mortgages must have been funded before May 31, 2009.
Property owners can’t have defaulted on any home loan payments, for the 6 months prior to requesting a Sunrise HARP refinance.
The home’s Loan To Value (LTV) ratio must exceed 80%

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

Who benefits from HARP?

The Sunrise HARP refinance has multiple benefits. One example would be, if you still have a $150,000 mortgage on a now $120,000 property, you could have your mortgage remortgaged. As such, you pay off the Sunrise home loan faster than before. In addition, the monthly mortgage payments you make will likely be smaller than you are currently paying.

If your residence has gone down in property value and you want to refinance it, then Sunrise HARP refinance mortgage is for you. If you require further information, or if you would like to speak to an expert about Sunrise HARP refinances, feel free to call us at (877) 442-4023 or fill out our rate quote form.

 

 

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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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