Many in the Florida real estate game are paying close attention to the 2011 revisions to the Florida HARP Program… the Home Affordable Refinance Program. Why? Because there are some very significant changes that allow families that own real estate in Florida, regardless of what they owe on their property to refinance.
That’s right. It doesn’t matter if it is a primary residence or an investment property – or if you owe 100% or 200% of the property’s value – refinancing to the current market rates is now a reality.
2. Your mortgage was on Fannie’s or Freddie’s books by June 1, 2009. [This process can take as much as 75 days, so if you closed before March 15, you should be fine – between Mar. 15 and June 1, more research may be needed as you search for your Bonita Springs home.]
3. You are current on your payments. HARP 2.0 only allows for one 30-day late in the last year and none in the last six months. If you are late on your mortgage, it doesn’t mean that you can’t get a HARP loan, just not yet
If you pass these three tests, refinancing to an amazing rate is probably closer than you thought possible. If you do not fit those parameters, you should defiantly consider speaking with a qualified agent in your area about a Short Sale if you are struggling with your housing expense.
HARP 2.0 is already having a huge impact in Florida. Because of this, our advice to families seeking to benefit from HARP 2.0 is to act NOW. Get more information about it and don’t stop with your current lender – families have shared with us that their current banks were not competitive on the terms for the refinance.
TheChrisBrownTeam@cmpFL.com or call us at 407-900-REFI