The Home Affordable Refinance Program (HARP) loan allows for many homeowners in Indian River County to refinance their under water homes where it was previously impossible. If you are among the numerous who qualify for the new HARP refinancing program, FiveStarsMortgage.com can help you to quickly be of assistance to you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and initiated in 2009, helps numerous homeowners who had been previously helpless to get refinancing for their mortgage. On account of all round decreases in the economy and property values, home owners were cornered paying more than they could afford on their homes. Among the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, qualified home owners of Fellsmere with HARP Refinancing can get a reduced payment for their home loan and help you save a lot of money in the long term.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because mortgages with an LTV of over 80% are often unable to qualify for common refinancing options, the HARP program was important to allow as many people as possible to start saving money on their monthly payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been subject to some changes to enable greater flexibility for acceptance. Currently, the HARP program being offered is referred to as HARP 2.0 and provides more flexible qualification requirements. This is a breakdown of the background and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers substantial relief for Fellsmere home owners that could not refinance their home in the past on account of dropping home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most prominent alteration. This suggests no more limits on how much money a homeowner currently owes on their mortgage loan vs. how much their property is currently worth. Fellsmere, FL home owners upside-down or under water on their mortgage will now get some assistance. In addition, there are also a lot less restrictive credit guidelines implemented. Many of the so called government refinance loan programs in the last several years have fallen short of truly aiding home owners to refinance their mortgage loan to a lower interest rate. The modern rendition of the HARP mortgage program (2.0) provides the help many Fellsmere homeowners have deparately needed for such a long time. Despite who your actual loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The facts of the program derive from what is currently being outlined but it is unknown what the eventual program can provide or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $200 per month on monthly mortgage payments, that could total $35-70 billion in savings every year.
HARP 3.0 My Refi (Proposed Potential Future Program)
HARP refinance mortgage 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 details ever required. You can also call 800-871-2636 7 days a week.
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