The Home Affordable Refinance Program (HARP) loan enables many homeowners in Brevard County to re-finance their underwater homes when it was previously impossible. If you are one of the several who qualify for the new HARP refinance program, FiveStarsMortgage.com will help you to easily help you with the loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Requirements, and Features
The Making Home Affordable Program, which was created and started in late 2009, allows for a great number of home owners who had been previously struggling to get refinancing for their mortgage loan. Because of all around decreases throughout the market and home values, homeowners were trapped spending more than they can afford on homes. Among the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, approved homeowners of Grant with HARP Refinancing may get a cheaper payment on their mortgage loan and help you save thousands of dollars in the long term.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of greater than 80% on the mortgage. Because home mortgages with an LTV of over 80% are often not in a position to qualify for conventional loan refinancing options, the HARP program was needed to allow for as many people as possible to begin spending less on their mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has also been subject to a number of variations to allow additional flexibility for acceptance. Presently, the HARP program made available is known as HARP 2.0 and provides more flexible qualification standards. Below is a breakdown of the background and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process offers significant assistance for Grant, FL home owners that did not refinance in the past as a result of declining 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 LTV, which is the most vital alteration. Meaning no more limits on how much money a homeowner currently owes on their mortgage loan vs. how much money their home is currently worth. Florida homeowners upside down or under water with their mortgage will now have some help. The best part is, there are a reduced amount of restricted credit guidelines implemented. Most of the other government backed loan refinancing programs in the past have fallen short of actually aiding home owners to refinance their mortgage loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) provides the help many Grant homeowners have needed for too long. Despite who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you providing 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 based on what is increasingly being spoken about but it is unknown what the finished program can provide or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save families an average of $200 a month on the payments, which could add to $35-70 billion in financial benefits annually.
HARP 3 My Refi (Planned Possible Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes one minute with no 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 traditional mortgage loan?