The Home Affordable Refinance Program (HARP) loan would allow a great number of homeowners in Pinellas County to refinance their underwater homes when it was previously unattainable. If you are among the numerous who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly be of assistance to you with the loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Information
The Making Home Affordable Program, which was created and initiated in 2009, allows for numerous home owners who had been previously struggling to refinance their mortgage loan. As a consequence of basic declines throughout the market and property value decline, homeowners were trapped spending money on more than they could afford on their homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, qualified residents of Belleair Beach, FL with HARP Refinancing can usually get a reduced payment on their mortgage loan and save yourself a lot of money over the long haul.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio greater than 80% on the mortgage loan. Because home loans that have an LTV of more than 80% are often unable to qualify for standard refinancing options, the HARP program was needed to allow for as many people as possible to begin saving money on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has also gone through quite a few improvements to permit a bit more flexibility for acceptance. Presently, the HARP program made available is known as HARP 2.0 and provides more flexible qualification standards. This is a summary of the history and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process offers significant relief for Belleair Beach home owners that were not able to refinance in the past on account of declining home values. The newest 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 modification. This suggests no more restrictions on how much a home owner currently owes on their home loan vs. how much their home is currently worth! Belleair Beach home-owners upside down or underwater in their mortgage loan can get some relief. The best part is, there are also a reduced amount of restrictive credit guidelines installed. Many of the other government refinance loan programs in the last several years have fallen short of actually supporting home owners to refinance their mortgage loan to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) provides the relief many Belleair Beach, FL homeowners have deparately needed for way too long. Regardless of who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, 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 specified is simply hypothesis. The specifics of the program are based on what is increasingly being outlined but it is unknown what the finalized program offers or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 per month on the monthly mortgage payments, that could total $35-70 billion in savings every year.
HARP 3.0 MYREFI (Suggested Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a few minutes with zero personal information ever required. You can also call 800-871-2636 7 days a week.
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