The Home Affordable Refinance Program (HARP) loan allows a great number of homeowners in Bay County to refinance their under water homes where it was previously unachievable. If you are one of the many who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly help you in your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Requirements, and Enhancements
The Making Home Affordable Program, first created and launched in 2009, enables numerous homeowners who were previously helpless to get refinancing for their mortgage loan. Attributed to overall declines throughout the market and home values, homeowners were trapped spending more than they could afford on homes. Among the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, approved residents of Callaway, FL with HARP Refinancing could get a lesser payment on their home and save yourself a lot of money over time.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio of over 80% on their home loan. Because home mortgages with an LTV of over 80% are often not in a position to qualify for typical mortgage refinancing options, the HARP program was important to enable as many people as possible to begin spending less on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also been subject to a number of variations to enable far more flexibility for approval. At present, the HARP program made available is identified as HARP 2.0 and offers more flexible qualification specifications. Here is a summary of the historical past and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program gives sizeable relief for Callaway home owners that could not refinance in the past caused by declining house values. The latest 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 change. Meaning no more limitations on how much a homeowner currently owes on their mortgage vs. how much their house is currently worth! Callaway, FL home-owners upside down or under water with their mortgage loan will now have some relief. Also, there are also a reduced amount of restricted credit regulations installed. Most of the other government relief refinance loan programs in the past have fallen short of honestly supporting home owners to refinance their home loan to a lower interest rate. The current rendition of the HARP mortgage program (2.0) provides the help many Callaway, FL homeowners have needed for such a long time. No matter what who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you so long as your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based on what is currently being discussed but it is not known what the finalized program will offer or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save families an average of $400 per month on monthly payments, that can add up to $35-70 billion in financial benefits each year.
HARP 3.0 My Refi (Proposed Potential 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 quick application only takes a minute without any 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?