The New HARP Program Could Help Millions- The Florida Positive Real Estate News
It has been recently announced that there will be a new version of the HARP (Home Affordable Refinance Program) loan rolling out soon for american homeowners with a mortgage. The purpose of the new program will be to allow more people to refinance their mortgages into the current low interest rates.
Here in Florida, the first round of this loan was a failure because it only allowed the borrower to refinance their home as long as they were not too underwater on their mortgage. The new program will have no cap on loan to value: in other words, it does not matter how much your home is worth to participate in the new program. The hope is that more people will be able to refinance their loans, which will lower their monthly payment. This may make it easier to make the payment, or simply give them more money to spend or save.
Morgan Financial will be sending out updates on this program as more information comes out. Please subscribe to our blog in the upper right hand corner, or check back often for more information.
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