New Finance Program for Underwater Owners is a financing option available to home buyers in the Orlando FL area. Starting this week, a quarter-million Orlando-area residents with “underwater”
mortgages can apply for a new Fannie Mae and Freddie Mac refinance program geared for pretty much everyone who owes more on a home than it’s worth – including landlords and second-home owners.
Below is additional Orlando FL New Finance Program for Underwater Owners financing information for home buyers to consider.
Benefits of New Finance Program For Underwater Owners Financing
The new Home Affordable Refinance Program (HARP) is seen as a possible game changer even for homeowners who are underwater but who have stayed employed and continue making their payments.
Orlando FL New Finance Program For Underwater Owners Financing Requirements
Homeowners who have missed mortgage payments in the past six months will NOT QUALIFY. And not all the details – such as loan limits – have been disclosed yet. But this is one of the first refinance programs that doesn’t require an appraisal to determine the value of the house. This is a reward to the homeowners who have stayed in their homes throughout this difficult market.
New reports show that more than half of the mortgaged homes in Metro Orlando are saturated with more debt than they are worth. In all, 254,146 mortgaged homes in the four-county metro area are in that situation, according to a report released Tuesday by the mortgage-research company Corelogic. Please call Paul if you would like to be referred to one of our affiliated lenders.
Summary of New Finance Program For Underwater Owners Financing
Specific requirements of New Finance Program for Underwater Owners financing can vary based on the lender, type of property, and your personal financial situation. Above are only general guidelines. For additional details on Orlando FL New Finance Program for Underwater Owners financing or purchasing a property in the Orlando FL area, please contact Paul Ditmar at US Condo Exchange, LLC by calling 321-914-4200/407-963-4061 or emailing paul@paulditmar.com.
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