Orlando Mortgage Blog

Why Use The HARP Refi Plus Program

October 15th, 2009 8:41 PM by BILL WILBANKS

Why Refi Plus In A Declining Market?

It may be your only refinance option as values fall. 

  • Is your home worth less than what you paid?
  • Think refinancing has passed you by? Maybe not.
  • You may be able to qualify at up to 105% LTV.
  • Take advantage now. It can go away mid-2010.



You paid $280,000 7 years ago

Current value estimate $220,000

Current balance $200,000 @ 6.50%

 95% Refi Plus

PMI is not required


Need 95% PMI Loan

95% PMI is not available in Florida

No conventional options 

Mortgage Loan Amount

Interest Rate

Amortization Term

Monthly P&I Payment


Which payment's lower?

Payment  - / +



Cash Reserves Required?

Cash Out Allowed



5.00% Fixed

  360 Months




    -$210.75 Lower







N/A (Old rate 6.50%)


Currently $1,327.34 



 Left at the gate...



90% or less YES



Rates, terms and product are subject to change daily. It is a requirement that FNMA own your current mortgage. You may easily check that on our website as well for free. Please call for current quotes when you are ready. Rate is generally LTV and credit score driven. This is a no cash out program.Total monthly debt ratio may not exceed lender guidelines. Other PMI options may be available subject to the LTV/credit score requested. This example assumes 720+ credit score and a primary or second home refinance. Additional LTV and credit score options are available and pricing as well as terms and level of qualifying difficulty will apply. PMI coverage is currently available on primary residences up to 90% LTV in Florida but subject to change. No loan approval is promised or implied in this example.

Posted in:General
Posted by BILL WILBANKS on October 15th, 2009 8:41 PM


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