The Home Affordable Refinance Program (HARP) loan lets a large number of homeowners in Manatee County to refinance their underwater homes where it was previously impossible. If you are one of the several who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to swiftly help out with the mortgage 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 Guidelines, and Enhancements
The Making Home Affordable Program, first created and started in late 2009, allows a great number of home owners who had been previously unable to refinance their home loan. Attributable to total declines throughout the market and property values, home owners were trapped having to pay more than they can afford on homes. One of the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, approved residents of Anna Maria with HARP Refinancing could get a decreased payment for their mortgage loan and save yourself lots of money in the long run.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgage loans with an LTV more than 80% are often not in a position to qualify for standard refinancing options, the HARP program was essential to enable as many people as possible to start spending less on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through some alterations to enable additional flexibility for acceptance. Presently, the HARP program sold is identified as HARP 2.0 and offers more flexible qualification guidelines. This is a review of the historical past and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process offers considerable assistance for Anna Maria home owners that were not able to refinance in the past on account of dropping 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 significant modification. This simply means no more restrictions on how much a homeowner currently owes on their home loan vs. how much money their house is currently worth. Florida homeowners upside down or under water on their mortgage loan will get some help. In addition, there are also a reduced amount of restrictive credit guidelines installed. Many of the other government relief loan refinancing programs in the past have fallen short of truly supporting home owners to refinance their mortgage to a lower interest rate. The modern variation of the HARP mortgage program (2.0) offers the relief many Anna Maria home-owners have needed for such a long time. Irrespective of who your current loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help providing 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 hypothesis. The facts of the program are derived from what is increasingly being reviewed but it is not known what the final program will give you or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $350 a month on the monthly mortgage payments, that may add to $35-70 billion in financial benefits each year.
HARP 3 My Refi (Proposed Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a moment with no personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a traditional mortgage?