Tallahassee HARP Refinance

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Let’s say you’ve been timely with your home loan payments but there isn’t anyone who is interested to refinance your home because of its reduction of value? Well, there is a way to refinance your residence easier and better than ever before. Welcome HARP, aka the Home Affordable Refinance Program. So what precisely is a Tallahassee HARP refinance mortgage loan?

Its Purpose

Launched back in March 2009, Tallahassee HARP refinance aims to provide refinancing to home owners which owned homes that dropped in value. The purpose of this was to prevent the United States of America’s housing burst bubble of 2006. This program however was created solely for home owners who are current on their home loan payments, but instead have been effectively paying their mortgage loan off.

Who’s Eligible for a Tallahassee HARP Refinance

Same as other government program, Tallahassee HARP has many requirements. Here is a closer look at some:

Only mortgages backed by Fannie Mae or Freddie Mac can be refinanced.
Mortgage Loans are required to be closed and funded before May 31, 2009.
Home owners must not have defaulted on any loan payments, for the 6 months prior to requesting a Tallahassee HARP refinance.
The home’s Loan To Value (LTV) ratio must be at least 80%

In order to qualify there has to be some benefit to the client in terms of their mortgage payments or stability in mortgage.

Who benefits from HARP?

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

If your residence has gone down in property value and you want to do a refinance, then Tallahassee HARP mortgage loans is for you. If you require additional information, or if you would like to speak to an expert about Tallahassee HARP mortgages, feel free to call us at (877) 442-4023 or complete 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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