March 20, 2012
March 2012 - Leading mortgage lender New Penn Financial, LLC announced it will participate in the newly enhanced Home Affordable Refinance Program (HARP).
Because the federal government broadened refinancing guidelines in order to expand HARP program eligibility, those who did not qualify in the past may with today's HARP.
The original 2009 HARP program was designed to help "underwater" homeowners with government-backed loans to refinance at lower mortgage rates. The enhanced program now allows homeowners who owe more than 125 percent of their home's worth to qualify, reduces risk-based fees and expands the eligibility deadline.
Among other requirements, homeowners must have a mortgage that is owned or guaranteed by Fannie Mae or Freddie Mac, a loan-to-value ratio greater than 80 percent, no missed mortgage payments in the past six months and no more than one missed payment in the past 12 months.
Jerry Schiano, New Penn's President and CEO, said, "We applaud the government for making timely changes. The new program enables homeowners who have paid faithfully, but who lack home equity, to refinance at rates that are at near record lows."
Rob O'Han, Senior Vice President of Sales, said, "Refinancing could put hundreds of dollars per month back in the pockets of homeowners. This will provide a much needed relief to family budgets and can only help to improve the housing market overall."
New Penn expects demand for the refinancing opportunity to be strong. Homeowners can see if they qualify today by calling 888-673-5521 or visit /loan-options/harp-refinance-loans
About New Penn Financial: New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 42 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates 31 branch offices nationwide. New Penn is a Shellpoint Partners company. Shellpoint is a well-capitalized specialty finance company led by a veteran management team.