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Home Affordable Refinance Program (HARP) in Florence County, SC


 

The Home Affordable Refinance Program, or HARP, is a federal program to assist homeowners in Florence County, SC with refinancing their home loans to a lower interest rate. Homeowners who are underwater on their loan, or those with little equity, are encouraged to apply.

The HARP program is also known as the Obama Refinance Program, or Obama Mortgage, as it was put in place by President Barack Obama's administration.

If you are not behind on your payments, but cannot obtain refinancing through traditional means because your home in Florence County, SC is worth less or you are underwater, you may be eligible for a HARP refinance.

Home Affordable Refinance Program in Florence County, SC

HARP Eligibility in Florence County, SC

You must meet these basic eligibility requirements:

  • You are current on your home loan. This means you have not had any over-30-days-late payments in the last six months, and no more than one in the last 12 months.
  • Your home is your primary residence, a 1-unit second home, or a 1- to 4-unit investment property.
  • Your loan is owned by Fannie Mae.
  • Your loan originated on or before May 31, 2009.
  • Your current loan-to-value (LTV) ratio is more than 80 percent.
Home Affordable Refinance in Florence County, SC

Benefits of a HARP Refinance in Florence County, SC

There are many benefits to the HARP program. Homeowners with a first AND second mortgage can qualify, as well as homeowners who are underwater on their loan. There is no maximum LTV ratio to qualify, and mortgage insurance is not required unless your loan already has private mortgage insurance.

Borrowers who have a large mortgage with an interest rate between 6 and 8 percent will have the most to gain from a HARP refinance.

Refinance Your Mortgage in Florence County, SC

HARP Closing Costs in Florence County, SC

You will need to pay closing costs when you do a HARP refinance, but you can roll these costs into your new mortgage. There are limits, however. Fannie Mae caps the closing costs at 4 percent of your existing balance.

If your closing costs are higher, you will need to pay the rest out of pocket.

How to Apply for a HARP Loan in Florence County, SC

You do not need to do a HARP refinance through the same lender who originated your original mortgage. In fact, not all mortgage servicers participate in the program, but most do. The cost of the refinance will vary by lender, so it pays to compare closing costs and rates to get the best deal.

How to Refinance a Loan in Florence County, SC

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020