Saint Petersburg HARP Refinance

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Let’s say you’ve never been late with your mortgage loan installments but nobody is interested to refinance your home because of its depletion of value? Well, there is a way to take out a refinance mortgage on your home faster and better than previously available. Meet HARP, also known as the Home Affordable Refinance Program. So what exactly is a Saint Petersburg HARP refinance mortgage loan?

Its Purpose

Launched in March 2009, Saint Petersburg HARP refinance hopes to provide refinancing to homeowners whose home decrease in value. This was primarily created to prevent the United States of America’s housing burst bubble of 2006. However this program was created exclusively for homeowners who are current on their mortgage loan installments, but rather have been effectively paying their mortgage down.

Who’s Eligible for HARP

Same as any other government program, Saint Petersburg HARP has a lot of basic requirements. Here is a closer look at some:

Only mortgages backed by Fannie Mae or Freddie Mac are covered by HARP.
Home Mortgages must have been funded before May 31, 2009.
Homeowners can not have defaulted on any loan payments, 6 months prior applying for Saint Petersburg HARP refinance loan.
The loan-to-value ratio must exceed 80%

In order to qualify there must be some type benefit to the property owner in regards to their home loan payments or stability in mortgage.

Who benefits from HARP?

The HARP refinance mortgage has many measurable benefits. For example, if you currently have a $150,000 mortgage on a now $120,000 home, you can have your mortgage remortgaged. As such, you pay off the Saint Petersburg home loan quicker than before. Furthermore, the monthly loan payments you make will most likely be much smaller than you are currently paying.

If your home dropped in value and you would like to refinance it, then Saint Petersburg HARP home loans is for you. If you require additional information, or would like to speak to an expert about Saint Petersburg HARP refinances, feel free to call us at (877) 442-4023 or complete our rate quote form.

 

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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