The Home Affordable Refinance Program (HARP) loan permits a great number of home owners in Escambia County to re-finance their under water homes when it was previously out of the question. If you are one of the many who qualify for the new HARP refinance program, FiveStarsMortgage.com can help you to efficiently help you in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Guidelines, and Changes
The Making Home Affordable Program, which was created and initiated in 2009, allows a large number of home owners who were previously unable to get refinancing for their mortgage loan. Simply because of existing declines in the economy and home value decline, homeowners were trapped paying more than they can afford on homes. Among the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, approved home owners of Century, FL with HARP Refinancing could possibly get a decreased payment on their home and save yourself a lot of money over the years.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because home loans with an LTV of more than 80% are often unable to qualify for typical refinancing options, the HARP program was needed to allow for as many people as possible to start lowering costs on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally gone through quite a few changes to enable more flexibility for acceptance. At this time, the HARP program being offered is named HARP 2.0 and provides more flexible qualification requirements. Below is a breakdown of the history and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process can give serious assistance for Century home owners that could not refinance in the past as a result of falling house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most vital change. This suggests no more limits on how much money a home owner currently owes on their home vs. how much their property is currently worth. Florida homeowners upside-down or under water with their mortgage loan will now get some assistance. In addition, there are less restrictive credit regulations implemented. Most of the other government refinance loan programs in the last several years have fallen short of truly aiding home owners to refinance their mortgage loan to a lower rate of interest. The current edition of the HARP mortgage program (2.0) provides the help many Century, FL home-owners have needed for so long. Irrespective of who your current loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The specifics of the program are derived from what is currently being reviewed but it is not known what the eventual program can provide or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $350 a month on their monthly mortgage payments, which could total $35-70 billion in financial benefits each and every year.
HARP 3.0 MYREFI (Proposed Potential Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a moment with no personal details required. You can also call 800-871-2636 7 days a week.
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