The Home Affordable Refinance Program (HARP) loan will allow a great number of homeowners in Duval County to refinance their underwater homes where it was previously unachievable. If you are among the many who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly be of assistance to you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Features
The Making Home Affordable Program, first created and started in late 2009, enables numerous homeowners who were previously struggling to get refinancing for their mortgage loan. Because of all round declines in the economy and home values, homeowners were having difficulty paying more than they could afford on their homes. Amongst the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing process, eligible homeowners of Atlantic Beach, FL with HARP Refinancing can usually get a cheaper payment for their home and help you save a lot of money over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because home mortgages with an LTV of over 80% are often unable to qualify for typical loan refinancing options, the HARP program was important to allow for as many people as possible to start saving money on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally undergone a number of changes to allow far more flexibility for acceptance. At present, the HARP program provided is identified as HARP 2.0 and provides more flexible qualification standards. This is a breakdown of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process is providing critical relief for Atlantic Beach, FL home owners that did not refinance their home in the past resulting from dropping house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most significant adjustment. This suggests no more limitations on how much money a home owner currently owes on their home verses how much their home is currently worth. Atlantic Beach, FL homeowners upside-down or underwater with their mortgage will get some assistance. In addition, there are also less restrictive credit guidelines in place. Most of the so called government relief refinance programs in the past have fallen short of actually helping home-owners to refinance their home mortgage to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) provides the help many Atlantic Beach home owners have needed for way too long. Irrespective of who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance provided that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are based on what is currently being outlined but it is not known what the ultimate program offers or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $350 a month on monthly payments, that would total $35-70 billion in reductions every year.
HARP 3 MYREFI (Recommended Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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