The Home Affordable Refinance Program (HARP) loan enables countless home owners in Nassau County to re-finance their underwater homes when it was previously unachievable. If you are one of the numerous who qualify for the latest HARP refinance program, FiveStarsMortgage.com can help you to swiftly help out with your 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 Updates
The Making Home Affordable Program, which was created and launched in late 2009, enables a great number of homeowners who were previously unable to get refinancing for their mortgage loan. A result of existing declines in the economy and home values, homeowners were trapped paying more than they could afford on homes. Amongst the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, approved residents of Callahan, FL with HARP Refinancing can get a reduced payment for their mortgage and save yourself thousands of dollars over the years.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgages with an LTV in excess of 80% are often not able to qualify for conventional loan refinancing options, the HARP program was necessary to enable as many people as possible to start saving money on their payments. As borrowers demands have changed since the program began, the HARP program has also undergone some improvements to allow increased flexibility for approval. At present, the HARP program available is referred to as HARP 2.0 and gives more flexible qualification prerequisites. Below is a review of the background and development of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program is providing major relief for Callahan, FL home owners that could not refinance their home in the past on account of decreasing home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most essential adjustment. This means no more limitations on how much money a homeowner owes on their mortgage verses how much their property is currently worth. Florida home-owners upside down or under water on their mortgage loan will now have some help. In addition, there are also a reduced amount of restricted credit regulations set up. Most of the so called government refinance loan programs in the past have fallen short of honestly aiding home-owners to refinance their mortgage loan to a lower interest rate. The latest version of the HARP mortgage program (2.0) provides the relief many Callahan, FL homeowners have deparately needed for too long. It does not matter who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program are based on what is increasingly being spoken about but it is not known what the eventual program may offer or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $300 per month on the monthly mortgage payments, which could total $35-70 billion in cost savings annually.
HARP 3 MYREFI (Proposed Potential Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a moment with no personal info required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?