(PRWEB) December 14, 2011
Government sponsored program could put over $1Billion Into Florida’s Economy
The Home Affordable Refinance Program (HARP) – a government sponsored program which allows homeowners to qualify for new loans without an appraisal - could put over one billion dollars back into the Florida economy, according to a recent infographic released by FBC Home Loans, LLC.
The infographic – entitled “The Biggest Stimulus to the Florida Economy Since the Orange” – shows where the money comes from and, perhaps more importantly, what it will mean for Florida residents.
Two Sources of Revenue for Florida
The money will come from two places. The larger portion – roughly $960 million – comes from the annual savings homeowners will realize thanks to their lower mortgage payments.
According to FBC Home Loans, the average homeowner will reduce their monthly mortgage payments by $200, which – when multiplied by 400,000 homeowners in Florida who are expected to refinance – adds up to a significant amount of money.
As the HARP infographic points out, the money generated could send over 3.2 million families of four to Disney World.
The second source of revenue is generated from taxes. Each time a homeowner refinances, part of their closing costs go to the Florida state tax board. Total amounts paid from HARP refinances are expected to exceed $396 million.
This amount is almost equal to the entire Florida State Highway Patrol’s 2012 budget.
The FBC infographic goes on to explain how this portion alone could pay for 8,284 full time teachers each and every year.
Of the two million Florida homeowners expected to qualify for a HARP loan, FBC estimates over 400,000 will actually apply for and receive a new loan before the program expires on December 31, 2013.
For more information about the HARP program – and to access the infographic – visit http://getharpnow.com/what-the-harp-program-means-for-florida-infographic.
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