The Home Affordable Refinance Program (HARP) loan lets a large number of home-owners in Brevard County to re-finance their underwater homes when it was previously unattainable. If you are one of the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently help out with your mortgage. 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 Criteria, and Changes
The Making Home Affordable Program, first created and launched in late 2009, allows a great number of homeowners who were previously helpless to refinance their mortgage. Mainly because of all round decreases throughout the market and home value decline, home owners were having problems paying more than they could afford on homes. Amongst the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new refinancing program, eligible home owners of Cocoa Beach with HARP Refinancing can get a decreased payment on their mortgage loan and save lots of money over the years.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home loans with an LTV in excess of 80% are often not able to qualify for conventional loan refinancing options, the HARP program was necessary to enable as many people as possible to start lowering costs on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been through some modifications to allow for added flexibility for acceptance. At this time, the HARP program offered is labeled HARP 2.0 and provides more flexible qualification requirements. This is a summary of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process offers essential assistance for Cocoa Beach home owners that did not refinance their home in the past attributable to diminishing home values. The new 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 important modification. What this means is no more restrictions on how much money a homeowner currently owes on their mortgage vs. how much their property is currently worth! Cocoa Beach homeowners upside down or underwater with their mortgage loan will get some assistance. Also, there are also a reduced amount of restricted credit regulations installed. Most of the so called government relief home refinance programs in the past have fallen short of actually supporting home-owners to refinance their mortgage to a lower interest rate. The latest version of the HARP mortgage program (2.0) provides the help many Cocoa Beach home-owners have deparately needed for so long. No matter what who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can provide assistance so long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The specifics of the program are based upon what is currently being outlined but it is unknown what the finished program will offer or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $300 a month on the monthly mortgage payments, that may add up to $35-70 billion in cost savings annually.
HARP 3 My Refi (Proposed Potential 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 form only takes a few minutes and no personal data required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage?