The Home Affordable Refinance Program (HARP) loan enables a great number of home-owners in Pinellas County to refinance their under water homes when it was previously unattainable. If you are among the many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com will help you to easily be of assistance to you in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Requirements, and Information
The Making Home Affordable Program, which was created and launched in 2009, allows many homeowners who were previously unable to get refinancing for their mortgage loan. Due to complete decreases in the economy and property value decline, home owners were bogged down spending more than they could afford on homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing approach, qualified residents of Clearwater with HARP Refinancing can get a smaller payment on their mortgage and help you save thousands of dollars in the long term.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home loans that have an LTV of more than 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was needed to enable as many people as possible to begin spending less on their payments. As borrowers needs have changed since the program began, the HARP program has additionally been subject to a number of changes to permit more flexibility for acceptance. Presently, the HARP program available is identified as HARP 2.0 and gives more flexible qualification standards. This is the summary of the background and development of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process is providing substantial assistance for Clearwater, FL home owners that did not refinance in the past stemming from dropping home values. The modern 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 important change. This suggests no more restrictions on how much money a homeowner currently owes on their home loan verses how much their property is currently worth! Florida home owners upside down or underwater in their mortgage will get some relief. In addition, there are fewer restrictive credit guidelines set up. Many of the so called government relief home refinance programs in the past have fallen short of actually supporting home owners to refinance their mortgage loan to a lower rate of interest. The latest variation of the HARP mortgage program (2.0) provides the relief many Clearwater home-owners have deparately needed for too long. Irrespective of who your actual loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance on condition that your home mortgage 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 important points of the program are derived from what is increasingly being reviewed but it is not known what the finished program may offer or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save families an average of $350 a month on monthly mortgage payments, that could total $35-70 billion in savings each year.
HARP 3 My Refi (Proposed Possible Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes one minute with zero personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage?