When FL homeowners call seeking to refinance their current FL mortgage and take advantage of today’s lower fixed rates; the biggest hurdle is the amount of equity remaining on their current home.  As Florida home prices have fallen the past few years; most homeowners have lost equity while others are simply upside down. There are several mortgage programs home owners can consider and should review with a FL mortgage professional when requesting to  lower their current mortgage rate.   Consider these:

  • If you have a FL FHA loan, then you may qualify for an FHA streamlined refinance.  The advantage is you may qualify without having to obtain an appraisal!
  • FL Veterans with a VA home loan, can qualify to refinance without needing an appraisal – a VA IRRRL or interest rate reduction refinance loan.  And many FL Veterans may qualify to refinance their non-VA loan to a lower rate VA home loan and borrow up to 90% of the current value!  All without monthly mortgage insurance!
  • Many homeowners with Fannie Mae or Freddie Mac mortgages may qualify under the HARP program or Home Affordable Refinance Program.   In fact, the guidelines for this program are being updated and qualified homeowners can borrow without worrying about any equity position.  The revised guidelines will be available later this month.

These are a few of the solutions FL home buyers can utilize as interest rates remain at all time lows and there should be no reason why anyone should be paying higher interest rates on their FL home mortgage.

For more information on these and many other mortgage programs, feel free to email Stephen Thaggard, or text directly at 407.733.6425.   Stephen Thaggard, NMLS#356309

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751