President Obama’s new updated Florida Home Affordable Refinance Program, HARP 2, is anticipated to help Orlando Florida homeowners who are underwater or upside down on their mortgage loan.
Changes to the original HARP Refinance Program include no loan to value restrictions, primary – second home – or investment properties qualify, and income does not need to be verified… in fact you may not even need to be employed which may be what the banks need in order to get on board. Get a Harp Quote here
There are currently tens of thousnads of Orlando mortgage home loans that are upside down (the borrower owes more on their home loan than their property will appraise for).
According to CoreLogic, most of these borrowers have been making their mortgage payments on time and would potentially qualify for the HARP II loan program under the new guidelines.
Who Qualifies For Home Approval Refinance Program (HARP) in Orlando, Florida?
The HARP Refinance is mainly targeted at rewarding homeowners who have been making their payments on time, but can’t qualify for a traditional refi due to their high loan to value, (the fact that they owe more than 125% of what their property may sell for).
Here are a few of the new HARP Program qualifying guidelines:
- Loan is backed by Fannie or Freddie [click to check the respective "look-ups"]
- Your current upside down Orlando mortgage home loan must have been securitized prior to June 1, 2009
- You must be paid on-time for the prior 6 months
- You must be paid on time for 11 of the last 12 months
Short Sale, Refinance or Foreclosure?
Compared to all of the government refinance programs, HARP 2 has the potential to work the best at stopping the massive title wave [and yes - pun IS intended, I know it is tidal wave] of foreclosures and short sales that are flooding the Orlando and Florida real estate markets.
There are many benefits to refinancing and shaving $300 – $1500 off of your monthly mortgage payment, provided you are committed to staying in your home for the next 5-7 years or so. Get a HARP Quote here.
Memories, school zones, family nearby, area, a home that you’ve invested in…. and the list goes on for reasons why an Orlando homeowner would choose to live in a house that is worth less than they owe on the mortgage. However, if you are not strongly attached to your property, it may be a better idea to consider a short sale now in order to give your credit enough time to heal before property values go back up.
[For more information about your short sale options, Email me for an expert in your neighborhood].
I also strongly recommend that all homeowners speak with a financial planner, CPA and Attorney that specializes in Short Sales or Foreclosure law in order to protect the themselves from spending the rest of their lives paying back a deficiency judgement.
Get In The Front Of The HARP 2 Short Sale Or Refinance Line:
It may be until early March before the banks will start accepting applications for HARP Refinances, but the numbers of packages are already stacking up… and if the program is all that we hope it will be for Florida home owners, there will be a bunch of people running to get through the door.
Your best option is to get everything ready to go so you can be one of the first through the door. Get started here.
If you are underwater on your mortgage, regardless of whether or not you think you qualify for any of the available options, give us a ring at 407.367.2974 to schedule a strategy session quickly so that we can sit down with you and really explore the best decision that meets your needs.
Get your Free, No-Obligation Quote here.
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Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog
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