The Home Affordable Refinance Program (HARP) loan allows for a large number of homeowners in Santa Rosa County to re-finance their underwater homes when it was previously not possible. If you are among the numerous who qualify for the new HARP refinancing program, FiveStarsMortgage.com will help you to easily assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Requirements, and Updates
The Making Home Affordable Program, first created and initiated in 2009, enables a great number of home owners who had been previously struggling to refinance their mortgage. Because of the all around declines throughout the market and home value decline, homeowners were bogged down having to pay more than they could afford on their homes. Amongst the primary benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, approved residents of Gulf Breeze, FL with HARP Refinancing could possibly get a lesser payment on their mortgage loan and help you save a lot of money over the long haul.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on the mortgage. Because mortgage loans with an LTV in excess of 80% are often not able to qualify for conventional refinancing options, the HARP program was needed to let as many people as possible to begin spending less on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally undergone quite a few adjustments to allow for more flexibility for acceptance. At present, the HARP program made available is often called HARP 2.0 and gives more flexible qualification conditions. This is a breakdown of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program is providing considerable assistance for Gulf Breeze, FL home owners that could not refinance their home in the past because of decreasing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most important change. Therefore no more limits on how much a homeowner owes on their mortgage vs. how much their home is currently worth! Gulf Breeze, FL home-owners upside down or under water with their mortgage loan can have some relief. In addition, there are a lot less restrictive credit regulations installed. Most of the so called government relief home refinance programs in the past have fallen short of honestly assisting homeowners to refinance their home mortgage to a lower interest rate. The current version of the HARP mortgage program (2.0) offers the help many Gulf Breeze homeowners have needed for too long. Irrespective of who your current loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help you providing your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The facts of the program derive from what is currently being discussed but it is not known what the finalized program will provide or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $400 a month on payments, which might total $35-70 billion in reductions each and every year.
HARP 3 MYREFI (Projected Future Program)
HARP refinance loan application form requests are being accepted 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 conventional mortgage loan?