Recent Pennsylvania HARP Refinance Report Encouraging for Underwater Homeowners Even With Mortgage Rates on the Rise
Pittsburgh, PA (PRWEB) July 16, 2013
HARP Mortgage Lender (http://harpmortgagelender.com), a national network of mortgage professionals who are approved for the Home Affordable Refinance Program, reported that recent Pennsylvania HARP refinance numbers for underwater homeowners are still showing a positive trend in savings for thousands of eligible borrowers, even though mortgage rates continue to rise.
According to the most recent numbers provided by the FHFA, as of June 12, 2013, 1,663 PA homeowners with loan-to-value ratios greater than 80% refinanced last month, totaling 5,849 year-to-date. A unique benefit with the revamped HARP Refinance Program is that the negative equity caps were removed, which has allowed 970 borrowers in Pennsylvania who owe more than 125% on their mortgage to refinance since the inception of the HARP Loan.
CLICK Here to see if your loan scenario fits Pennsylvania HARP Refinance Guidelines.
Compared to the Obama Administration’s claim that the average savings for HARP refinancers is $ 3,000, this means that underwater homeowners in PA have saved a total of $ 4,300 per year through the PA HARP Loan Program or about $ 358 every month.
Other encouraging news for the Pennsylvania real estate market comes from CoreLogic, (analytics and business services), that reported as of June 12, 2013 the number of homes with negative equity has decreased over the past 12 months from 11.0 percent to 10.3 percent.
Even with the trend in mortgage rates rising over the past month, according to Freddie Mac, Pennsylvania HARP mortgage professionals polled by HARPMortgageLender.com have not noticed a drop in the number of HARP applications.
“While rates have bumped a bit in the past month, homeowners who are underwater on their mortgage balance can still save a significant amount of money on their monthly payments,” says Mark Madsen, HARPMortgageLender.com Vice President. “Our Pennsylvania mortgage professionals are still reporting monthly savings for their clients in the $ 300- $ 350 range for borrowers who are eligible for the HARP program and work with banks who are not restricted by negative equity caps.
The Home Affordable Refinance Program was amended in October of 2011 through an agreement between the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, which simplified the accessibility of the program for borrowers looking to refinance through mortgage lenders.
A main goal of the Home Affordable Refinance Program (HARP) is to help responsible borrowers with the process of streamline refinancing. Eligible borrowers who are current with mortgage payments but have seen their home lose value are given the option of HARP refinancing.
HARP 2.0 eligibility guidelines:
1) Fannie Mae or Freddie Mac owns or has guaranteed first loan.
2) Fannie or Freddie purchased the loan prior to May 31, 2009.
3) Borrowers must be current with mortgage payments.
4) Borrowers owe more than their home is worth, or there is minimal equity.
5) All mortgage payments have been prompt in the past 6 months.
6) No sixty (60) day late payments in the last 12 months.
Click HERE to check HARP Eligibility
HARP Mortgage Lender is a nationwide online network of home loan professionals and lending institutions that are authorized to deal in the Obama Administrations revamped versions of the Home Affordable Refinance Program (HARP 2.0 – 3.0). To learn more from a HARP specialist, call toll-free at 888-460-2939.