The Home Affordable Refinance Program (HARP) loan permits countless homeowners in Flagler County to refinance their under water homes when it was previously not possible. If you are one of the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to swiftly assist with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Features
The Making Home Affordable Program, which was created and launched in 2009, allows for numerous home owners who had been previously struggling to get refinancing for their mortgage loan. By way of general declines throughout the market and property values, home owners were having difficulty spending more than they can afford on homes. Amongst the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible home owners of Beverly Beach, FL with HARP Refinancing can get a smaller payment on their mortgage loan and help save a lot of money over time.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because home mortgages with an LTV of more than 80% are often unable to qualify for common refinancing options, the HARP program was essential to allow as many people as possible to begin saving money on their payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through a number of improvements permitting added flexibility for approval. Right now, the HARP program provided is identified as HARP 2.0 and offers more flexible qualification prerequisites. Here is a breakdown of the historical past and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process offers essential relief for Beverly Beach home owners that were not able to refinance their home in the past stemming from dropping home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most significant alteration. This suggests no more limitations on how much a home owner currently owes on their home verses how much their home is currently worth. Beverly Beach home owners upside-down or underwater in their home loan can have some help. Moreover, there are a reduced amount of restrictive credit guidelines set up. Most of the so called government refinance programs in the past have fallen short of truly supporting home-owners to refinance their mortgage loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the relief many Beverly Beach, FL home-owners have needed for way too long. No matter what who your loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help provided that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based on what is increasingly being spoken about but it is not known what the finalized program can provide or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $400 per month on the payments, that can total $35-70 billion in savings annually.
HARP 3 My Refi (Proposed Possible Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a minute with no personal information required. You can also call 800-871-2636 7 days a week.
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