Tallahassee HARP Refinance

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Apparently 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 due to its reduction of value? Luckily, there are ways to refinance mortgage your residence easier and more effective than previously available. Welcome HARP, otherwise known as the Home Affordable Refinance Program. So now you ask what exactly is a Tallahassee HARP refinance?

What is HARP’s Purpose

Launched in March 2009, Tallahassee HARP refinance aims to provide refinance mortgage loans to home owners whose home dropped in value. The purpose of this was to counter the United States of America’s housing bubble of 2006. However this program was created exclusively for home owners who are current on their home loan payments, but instead have been making timely payments towards paying their mortgage off.

Who’s Eligible for HARP

Similar to other government program, Tallahassee HARP has many requirements. Take a look at some:

Only mortgage loans backed by FNMA or Freddie Mac can be refinanced.
Mortgages must have been applied for and acquired before May 31, 2009.
Property owners can’t have defaulted on any loan payments, for the 6 months prior to requesting a Tallahassee HARP refinance mortgage.
The loan-to-value ratio must exceed 80%

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

How do homewoners benefit from HARP?

The HARP refinance has multiple benefits. One example would be, if you still have a $150,000 mortgage on a now $120,000 residence, you can have your mortgage remortgaged. As such, you pay down the Tallahassee home loan faster than before. Also, the monthly mortgage payments you make will likely be much smaller than you are currently paying.

If your place of residence has gone down in property value and you want to refinance it, then Tallahassee HARP home loans is for you. If you would like to have further information, or if you would like to speak to an expert about Tallahassee HARP mortgages, feel free to call us on (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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