The Home Affordable Refinance Program (HARP) loan permits a large number of home-owners in Flagler County to re-finance their under water homes when it was previously out of the question. If you are among the many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can help you to efficiently help you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Criteria, and Information
The Making Home Affordable Program, first created and started in late 2009, enables a great number of homeowners who had been previously unable to get refinancing for their mortgage. Simply because of common declines throughout the market and home values, home owners were cornered spending money on more than they can afford on homes. Among the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible home owners of Flagler Beach with HARP Refinancing could get a reduced payment for their home loan and help save lots of money over the years.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because home mortgages with an LTV of over 80% are often not able to qualify for common mortgage refinancing options, the HARP program was necessary to let as many people as possible to start spending less on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been subject to quite a few adjustments to permit a bit more flexibility for approval. At this time, the HARP program sold is called HARP 2.0 and offers more flexible qualification standards. Below is a breakdown of the background and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program provides significant relief for Flagler Beach home owners that could not refinance their home in the past due to reducing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most vital modification. This suggests no more limitations on how much money a home owner currently owes on their mortgage loan verses how much money their house is currently worth! Flagler Beach homeowners upside-down or underwater in their home loan will now get some relief. In addition to this, there are also a reduced amount of restricted credit guidelines installed. Many of the so called government backed refinance loan programs in the last several years have fallen short of actually assisting home-owners to refinance their mortgage to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Flagler Beach, FL property owners have needed for too long. Irrespective of who your loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program derive from what is increasingly being discussed but it is unknown what the eventual program will give you 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 families an average of $400 a month on the monthly payments, which could total $35-70 billion in savings yearly.
HARP 3 MYREFI (Suggested Potential Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a few minutes without any personal data required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage loan?