The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of homeowners in Hernando County to refinance their under water homes when it was previously impossible. If you are one of the many who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to easily assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Requirements, and Features
The Making Home Affordable Program, first created and initiated in late 2009, enables a large number of home owners who were previously helpless to refinance their mortgage. Due to the common declines throughout the market and property value decline, homeowners were having difficulty spending more than they can afford on homes. Among the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, qualified residents of Brooksville, FL with HARP Refinancing could get a cheaper payment for their home loan and save thousands of dollars over time.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because mortgages with an LTV more than 80% are often unable to qualify for typical loan refinancing options, the HARP program was important to allow as many people as possible to start lowering costs on their monthly payments. As borrowers needs have changed since the program began, the HARP program has also been subject to a number of modifications to allow for much more flexibility for approval. At this time, the HARP program made available is named HARP 2.0 and gives more flexible qualification guidelines. Below is a summary of the history and development of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process provides considerable relief for Brooksville home owners that could not refinance their home in the past stemming from declining house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most critical modification. Meaning no more limits on how much money a home owner owes on their home verses how much their house is currently worth! Florida home-owners upside-down or under water with their mortgage will now have some assistance. Also, there are a lot less restrictive credit regulations implemented. Most of the other government backed home refinance programs in the last several years have fallen short of truly supporting home-owners to refinance their mortgage to a lower rate of interest. The current variation of the HARP mortgage program (2.0) offers the relief many Brooksville property owners have deparately needed for such a long time. Despite who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help you as long as your mortgage loan 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 speculation. The important points of the program are based upon what is increasingly being discussed but it is unknown what the final program will provide or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $350 a month on the mortgage payments, which might total $35-70 billion in reductions each and every year.
HARP 3.0 MYREFI (Proposed Potential Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a minute without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?