The Real Deal Miami

Florida homeowners miss out on federal program

More than 97,000 fail to take advantage of lower interest rates available
November 18, 2014 05:15PM

More than 97,000 Florida homeowners are eligible for a federal mortgage program that would save them hundreds of dollars each month, but many are not taking advantage of the relief.

The Palm Beach Post cited a report from the Federal Housing Finance Agency, which said that Florida has the highest number of borrowers eligible for the Home Affordable Refinance Program that aren’t availing themselves of the lower interest rates it offers.

Borrowers could save up to $3,000 per year by refinancing through HARP and the program expires Dec. 31, 2015.

But getting a loan isn’t a simple process, and some banks listed on Federal Housing Finance Agency don’t want to refinance owners who owe more than 25 percent more on the loan than the home’s value or who aren’t already customers, the article said.

In addition, borrowers may not want to pay closing costs to refinance. [Palm Beach Post]  – Jennifer White Karp