The Home Affordable Refinance Program (HARP) loan allows for countless homeowners in Duval County to re-finance their underwater homes where it was previously unattainable. If you are among the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently help out with the loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Prerequisites, and Information
The Making Home Affordable Program, first created and launched in 2009, helps a great number of home owners who were previously struggling to refinance their mortgage. Being a result of overall decreases in the economy and home value decline, home owners were having trouble having to pay more than they could afford on their homes. Among the primary benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, approved homeowners of Baldwin with HARP Refinancing could get a lower payment on their home and save yourself thousands of dollars over the years.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of over 80% on their home loan. Because home loans that have an LTV of over 80% are often not in a position to qualify for conventional mortgage refinancing options, the HARP program was needed to permit as many people as possible to begin spending less on their payments. As borrowers needs have changed since the program began, the HARP program has also been subject to some alterations to enable additional flexibility for approval. Presently, the HARP program made available is often called HARP 2.0 and provides more flexible qualification specifications. Below is a review of the background and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program is providing sizeable assistance for Baldwin home owners that could not refinance in the past caused by reducing home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most vital adjustment. This simply means no more limits on how much a homeowner owes on their mortgage loan vs. how much their house is currently worth. Baldwin, FL home owners upside-down or under water on their mortgage will get some assistance. Also, there are a reduced amount of restricted credit guidelines in place. Many of the other government refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower interest rate. The latest version of the HARP mortgage program (2.0) offers the relief many Baldwin property owners have deparately needed for way too long. Regardless of who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance provided that your mortgage loan 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 specifics of the program are based on what is increasingly being spoken about but it is unknown what the finalized program will provide or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save families an average of $300 a month on the mortgage payments, that may total $35-70 billion in cost savings each and every year.
HARP 3 MYREFI (Planned Potential Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a minute with no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?