The Home Affordable Refinance Program (HARP) loan allows many homeowners in Pinellas County to refinance their under water homes where it was previously unattainable. If you are among the many who are qualified for the new HARP refinancing program, FiveStarsMortgage.com will help you to easily 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 Changes
The Making Home Affordable Program, which was created and started in 2009, allows a great number of home owners who were previously unable to get refinancing for their mortgage loan. As a consequence of overall declines in the economy and property value decline, home owners were having problems spending money on more than they could afford on homes. One of the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible residents of Dunedin, FL with HARP Refinancing could get a lower payment on their home loan and help you save a lot of money over the long haul.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgages that have an LTV more than 80% are often not in a position to qualify for conventional refinancing options, the HARP program was necessary to let as many people as possible to start spending less on their monthly payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been subject to a number of alterations to enable significantly more flexibility for acceptance. Right now, the HARP program offered is called HARP 2.0 and provides more flexible qualification requirements. Here is a breakdown of the historical past and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program can give substantial assistance for Dunedin home owners that did not refinance their home in the past as a result of decreasing house 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 critical adjustment. This means no more limits on how much money a homeowner owes on their mortgage verses how much their home is currently worth! Dunedin, FL homeowners upside-down or underwater on their home loan will now have some help. In addition to this, there are less restrictive credit regulations installed. Many of the other government backed refinance programs in the past have fallen short of honestly assisting homeowners to refinance their mortgage loan to a lower rate of interest. The current edition of the HARP mortgage program (2.0) provides the relief many Dunedin, FL homeowners have needed for so long. Irrespective of who your loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The facts of the program are derived from what is increasingly being outlined but it is unknown what the eventual program will offer or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $300 per month on their monthly payments, that could add to $35-70 billion in financial benefits every year.
HARP 3.0 My Refi (Recommended Potential Program)
HARP refinance home loan application form 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 a moment with zero personal details required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage loan?