The Obama Administration is releasing a brand new revision to the Home Affordable Refinance Program for homeowners that are underwater on their mortgages. Struggling homeowners that owe more than their homes are worth can take advantage of this new program.
Below, please see the criteria that homeowners must meet to take advantage of this program:
Some other revisions to the Home Affordable Refinance Program are that the government will allow some borrowers to refinance their mortgages even if their mortgages exceed 125% of the values of their homes. Other noted changes to the program also permit less risk for lenders and decreased fees for borrowers. Some homeowners can even qualify to refinance their mortgages even if they had a foreclosure in the past seven years!
This new program could help tens of thousands of South Florida residents that owe a lot more than their homes are worth. In fact, Corelogic, a research firm, reported that four out of 10 homeowners in Broward and Palm Beach counties are currently underwater on their mortgages. Today is the launch of this new program nationwide, but mortgage experts caution underwater homeowners looking to take advantage of this new government program to be patient, as many lenders are not prepared to accept many applications right away. I caution homeowners to be patient and shop multiple lenders in order to receive the best rates and programs.
I think this program will indeed help many Parkland and South Florida homeowners. As a result of underwater homeowners taking advantage of this program, the overall real estate market in Parkland will improve. In the future, more homeowners will be able to refinance their mortgages and stay in their homes resulting in less distressed home listings being put on the market for sale including short sales and bank foreclosures. If you are looking to take advantage of this new program and need to speak with an expert mortgage professional, please give me a call at: 954-609-0591.
Know the neighborhood. Know the value. Know your Parkland hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling a home in Parkland or South Florida and are looking for experience local Realtors, please do not hesitate to contact us at: 954-609-0591 or send us a message here.