Saint Petersburg HARP Refinance

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Let’s say you have always been on time with your mortgage payments but nobody is interested to refinance your home due to its depletion of value? Well, there are ways to refinance mortgage your residence faster and better than previously available. Meet HARP, otherwise known as the Home Affordable Refinance Program. So now you ask what exactly is a Saint Petersburg HARP refinance loan?

The Purpose of HARP

Launched back in March 2009, Saint Petersburg HARP refinance aims to be able to provide refinancing to home owners whose home dropped in value. The purpose of this was to minimize the United States of America’s housing bubble of 2006. However this program was created solely for home owners who are current on their mortgage payments, but instead have been making timely payments towards paying their mortgage down.

Who’s Eligible

Just like any other government program, Saint Petersburg HARP has many requirements. Here is a closer look at some:

Only mortgages backed by either FNMA or Freddie Mac are covered by HARP.
Home Loans are required to be funded before May 31, 2009.
Homeowners can’t have defaulted on any mortgage payments, for the 6 months prior to requesting a Saint Petersburg HARP refinance mortgage.
The LTV ratio must exceed 80%

In order to qualify there has to be some sort benefit to the home owners regarding home loan payments or stability in mortgage.

Who benefits from HARP?

The Saint Petersburg HARP refinance mortgage has many measurable benefits. For example, if you still have a $150,000 mortgage on a now $120,000 residence, you can have your home loan refinanced. In doing so, you pay off the Saint Petersburg home loan quicker than before. Furthermore, the monthly loan payments you apply will likely be smaller than you are currently paying.

If your residence has gone down in value and you would like to do a refinance, then Saint Petersburg HARP home loans is for you. If you are in need of additional information, or would like to contact an expert about Saint Petersburg HARP mortgages, please call us at (877) 442-4023 or complete our rate quote form.

 

 

Contact Us

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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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