The Home Affordable Refinance Program (HARP) loan enables many homeowners in Okaloosa County to re-finance their under water homes when it was previously impossible. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com will help you to swiftly assist with your mortgage 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 Guidelines, and Changes
The Making Home Affordable Program, which was created and initiated in 2009, helps a great number of homeowners who had been previously unable to refinance their mortgage loan. By reason of general declines throughout the market and property value decline, home owners were having problems spending more than they could afford on homes. Among the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing approach, eligible homeowners of Cinco Bayou with HARP Refinancing can get a reduced payment on their home and help you save thousands of dollars in the long term.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home loans with an LTV of over 80% are often not in a position to qualify for conventional refinancing options, the HARP program was important to allow as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally gone through a number of alterations to enable much more flexibility for acceptance. At this time, the HARP program sold is referred to as HARP 2.0 and gives more flexible qualification prerequisites. This is a breakdown of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program offers significant assistance for Cinco Bayou, FL home owners that did not refinance their home in the past due to dropping home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most significant modification. It indicates no more restrictions on how much a home owner currently owes on their mortgage loan verses how much their property is currently worth. Cinco Bayou, FL home-owners upside down or under water in their mortgage can get some help. Moreover, there are also a lot less restrictive credit guidelines implemented. Many of the other government home refinance programs in the last several years have fallen short of honestly aiding home-owners to refinance their mortgage loan to a lower rate of interest. The present edition of the HARP mortgage program (2.0) provides the help many Cinco Bayou, FL homeowners have needed for such a long time. It does not matter who your current loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance provided that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are derived from what is currently being reviewed but it is unknown what the ultimate program can provide or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $300 a month on the mortgage payments, that may total $35-70 billion in financial benefits each year.
HARP 3 My Refi (Recommended Potential Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes one minute without any personal info ever required. You can also call 800-871-2636 7 days a week.
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