Getting an Orlando HARP Refinance Mortgage

Getting an Orlando HARP Refinance Mortgage

Assuming you’re not behind on your mortgage yet, but are considering refinancing, yet are unable to do so, then you might want to consider the Orlando Home Affordable Refinance Program (HARP). The HARP is a program that is designed to help struggling homeowners in Orlando refinance their homes. HARP makes it possible for homeowners to get lower interest rate rates, even though the value of their home may be declining. Orlando HARP loans require a loan application, an underwriting process, in addition to refinance fee’s.

You may be eligible for HARP if you meet the following criteria:
Your mortgage must be owned/guaranteed by Freddie Mac or Fannie Mae.
Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
Your current loan-to-value (LTV) ratio must be greater than 80%.
Your borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If Freddie Mac/Fannie Mae, own your mortgage, and you’re timely with your mortgage payments, but can’t refinance due to little, or no equity, left in the home, then HARP may be the best choice for you. This program is designed for homeowners who cannot refinance due to a decline in the value of their home.

Consultants from First Nationwide Lending can help you understand the pro’s and con’s of getting a HARP refinance in Orlando.

 

 

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