The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of home owners in Lee County to refinance their underwater homes where it was previously impossible. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Plan Guidelines, and Features
The Making Home Affordable Program, first created and started in late 2009, allows a great number of homeowners who had been previously helpless to get refinancing for their home loan. Mainly because of overall declines throughout the market and property value decline, home owners were cornered 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 mortgage refinancing process, eligible residents of Fort Myers Beach, FL with HARP Refinancing can usually get a smaller payment on their home and save thousands of dollars over the years.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because home mortgages that have an LTV in excess of 80% are often not able to qualify for conventional loan refinancing options, the HARP program was needed to let as many people as possible to start saving money on their monthly mortgage payments. As borrowers demands have changed since the program began, the HARP program has also been subject to quite a few modifications to enable increased flexibility for acceptance. At this time, the HARP program made available is named HARP 2.0 and gives more flexible qualification requirements. This is a breakdown of the background and development of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program is providing significant assistance for Fort Myers Beach, FL home owners that did not refinance their home in the past caused by shrinking home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most significant alteration. Meaning no more restrictions on how much money a home owner owes on their mortgage loan vs. how much money their house is currently worth. Fort Myers Beach, FL homeowners upside down or under water in their mortgage will get some help. In addition, there are a lot less restrictive credit regulations in place. Most of the other government backed home refinance programs in the past have fallen short of actually supporting homeowners to refinance their mortgage to a lower interest rate. The latest version of the HARP mortgage program (2.0) offers the relief many Fort Myers Beach homeowners have deparately needed for too long. Regardless of who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program derive from what is increasingly being reviewed but it is unknown what the finished program may offer or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $250 a month on their mortgage payments, which might total $35-70 billion in financial benefits each year.
HARP 3.0 My Refi (Planned Possible Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a moment and no personal information required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a conventional mortgage?