Orlando, Florida (PRWEB) July 21, 2013 -- HARP Mortgage Lender, a national Internet network of pre-approved loan specialists qualified to deal in the Obama administration’s Home Affordable Refinance Program (HARP), reports that recent government figures see Florida borrowers using more HARP loans for deeply underwater borrowers than any state in the nation—a clear signal that updates made to the program, now known as HARP 2.0, have succeeded in bringing its streamlined refinancing to the people it was originally intended for, and that the Fannie Mae-reported annual savings of more than $4,300 per Florida HARP borrower should only continue to spread due to a recent two-year extension to HARP 2.0.
The June 12, 2013 Refinance Report from the Federal Housing Finance Agency (FHFA) shows Florida surpassing California as the all-time leader in HARP loans in terms of borrowers with loan-to-value ratios (LTV’s) of more than 125 percent. Of Florida’s 12,423 HARP loans in March, 5,094 of those (or 41 percent) went to borrowers with above-125 LTV’s. That ratio of refinances to deeply underwater borrowers was almost double the nation’s rate of 22 percent for the same month, and in seeing such a groundswell of recent users, Florida trumped California’s total of 66,719 HARP loans to borrowers with above-125 LTV’s in the program’s history by ending the month with a nation-leading number of 67,083.
CLICK HERE to check if you are eligible for a HARP loan.
What’s perhaps most significant about these numbers is that they reflect how HARP is working exactly as it was intended to: in areas where both property values and economic conditions have declined to the point that borrowers are in financial situations that would be untenable without the refinancing aid. Florida does, after all, lead the nation in foreclosure rates, according to the recent data from analytics company RealtyTrac, with 1 in every 302 Florida homes foreclosed on in May of 2013. While there’s no way of saying how many of the 5,094 HARP borrowers who received a Florida HARP refinance in March would have had to foreclose, chances are that in this particular state, the numbers would have been scary if it weren’t for this mortgage lifesaver.
And if it weren’t for changes to HARP in late 2011, none of those nearly 67,000 homes with LTVs above 125 would have been eligible for refinancing, because prior to HARP 2.0, the refinance-eligible cap on the program was set at 125. Now, thanks to these new measures, Florida is a HARP underwater borrower pioneer, and with low HARP mortgage rates and the program recently getting a 2-year extension through December 31 of 2015, this amazing tool will continue to make waves in sunny Florida.
“HARP is a godsend for underwater borrowers in the Sunshine State,” says Chris Brown, a HARP approved mortgage expert in Orlando, Florida. “In a state where foreclosure rates remain high, HARP is the perfect tool to help underwater borrowers get back on their feet and avoid a horrible situation that they’ve seen far too many of their neighbors go through. Simply put, there’s a reason why thousands of Floridians are escaping foreclosure every month—and HARP is that reason.”
About HARP
Changes to the Home Affordable Refinance Program in late 2011 as part of an agreement between the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac enabled mortgage lenders to more easily offer refinance loans to HARP-eligible borrowers.
The Home Affordable Refinance Program (HARP) is geared toward responsible borrowers to help them with streamline refinancing. Borrowers whose mortgage payments are up to date, but who have seen a decline in their home’s value, are often eligible for this refinancing aid.
Qualifications for HARP 2.0:
1) The borrower’s first mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac.
2) Fannie or Freddie procured the loan prior to May 31, 2009.
3) Borrowers must be up to date on mortgage payments.
4) Borrowers owe more than the worth of their home, or there is minimal equity.
5) Borrowers have a history of the last 6 months of mortgage payments being on time.
6) Borrowers have no 60-day-late payments in the past 12 months.
Click HERE to apply for a HARP loan.
HARP Mortgage Lender is a national online network of home loan professionals and lending institutions approved to work with the Obama Administration’s renewed format of the Home Affordable Refinance Program (HARP 2.0 - 3.0). To speak with a HARP specialist, call toll-free at 888-883-7396.
Mark Madsen, Best Rate Referrals, http://bestratereferrals.com, 800-811-1402, [email protected]
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