The Home Affordable Refinance Program (HARP) loan allows a great number of home owners in Okaloosa County to refinance their underwater homes where it was previously unattainable. If you are among the numerous who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly help you in your loan. 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 Requirements, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, allows for many homeowners who were previously unable to refinance their home loan. As a consequence of overall declines in the economy and home value decline, home owners were cornered spending money on more than they could afford on homes. Amongst the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, eligible homeowners of Fort Walton Beach, FL with HARP Refinancing may get a lesser payment for their home loan and help save a lot of money over time.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because home mortgages with an LTV in excess of 80% are often not able to qualify for standard refinancing options, the HARP program was necessary to enable as many people as possible to begin saving money on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has additionally undergone quite a few alterations to allow for a bit more flexibility for acceptance. Currently, the HARP program provided is referred to as HARP 2.0 and provides more flexible qualification prerequisites. This is the review of the history and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides considerable assistance for Fort Walton Beach, FL home owners that were not able to refinance their home in the past as a consequence of reducing 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 loan to value, which is the most essential modification. Therefore no more limits on how much money a homeowner owes on their home loan verses how much money their house is currently worth! Fort Walton Beach home-owners upside-down or under water with their home loan can get some relief. In addition, there are a lot less restrictive credit guidelines implemented. Most of the other government backed refinance loan programs in the past have fallen short of actually supporting home owners to refinance their mortgage to a lower interest rate. The present variation of the HARP mortgage program (2.0) provides the help many Fort Walton Beach, FL home owners have needed for such a long time. Irrespective of who your actual loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help as long as your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are derived from what is currently being discussed but it is unknown what the final program will give you or if it will even pass. The government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $200 per month on monthly payments, that could add up to $35-70 billion in savings annually.
HARP 3 My Refi (Projected Potential Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application only takes a moment with no personal data ever required. You can also call 800-871-2636 7 days a week.
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