The Home Affordable Refinance Program (HARP) loan lets a great number of homeowners in Manatee County to re-finance their under water homes when it was previously impossible. If you are among the many who are qualified for the new HARP refinance program, FiveStarsMortgage.com will help you to efficiently help you with the loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Information
The Making Home Affordable Program, which was created and started in 2009, enables a great number of home owners who were previously unable to refinance their mortgage. By reason of total decreases in the economy and home values, homeowners were having difficulty spending more than they could afford on homes. Amongst the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible residents of Bradenton Beach with HARP Refinancing may get a smaller payment on their mortgage loan and help save a lot of money over time.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because mortgages that have an LTV of over 80% are often not in a position to qualify for conventional mortgage refinancing options, the HARP program was important to let as many people as possible to start spending less on their payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally been subject to some alterations permitting additional flexibility for acceptance. Currently, the HARP program available is identified as HARP 2.0 and offers more flexible qualification prerequisites. Below is a summary of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program is providing major assistance for Bradenton Beach home owners that were not able to refinance their home in the past because of dropping 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 vital adjustment. This means no more restrictions on how much money a home owner owes on their mortgage vs. how much their property is currently worth! Florida homeowners upside down or underwater on their mortgage loan can get some relief. In addition to this, there are also fewer restrictive credit regulations installed. Many of the so called government backed refinance loan programs in the last several years have fallen short of truly supporting home owners to refinance their mortgage loan to a lower interest rate. The current rendition of the HARP mortgage program (2.0) offers the help many Bradenton Beach home-owners have needed for too long. Despite who your existing loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The facts of the program are based on what is currently being outlined but it is unknown what the final program can provide or if it will even have the chance of passing. The federal government has assumed that it would probably help over 30 million borrowers and save families an average of $350 per month on their monthly mortgage payments, which might add to $35-70 billion in reductions annually.
HARP 3 MYREFI (Suggested Possible Future Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application only takes a minute and no personal details 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?