The Home Affordable Refinance Program (HARP) loan enables a great number of home owners in Walton County to re-finance their under water homes when it was previously out of the question. If you are among the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com will help you to easily help out with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, which was created and started in 2009, allows for many homeowners who had been previously unable to get refinancing for their mortgage. Resulting from basic declines in the economy and property values, home owners were cornered spending money on more than they can afford on homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, eligible homeowners of DeFuniak Springs, FL with HARP Refinancing could get a decreased payment on their home loan and save yourself lots of money over time.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because mortgages with an LTV of more than 80% are often not able to qualify for standard loan refinancing options, the HARP program was needed to permit as many people as possible to begin spending less on their payments. As credit seekers demands have changed since the program began, the HARP program has additionally been through some modifications to allow for added flexibility for approval. At present, the HARP program available is known as HARP 2.0 and gives more flexible qualification guidelines. This is the review of the history and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process gives significant assistance for DeFuniak Springs, FL home owners that were not able to refinance their home in the past resulting from diminishing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most significant modification. This suggests no more limitations on how much money a homeowner currently owes on their mortgage verses how much money their house is currently worth! Florida home-owners upside-down or underwater with their mortgage will now get some relief. The best part is, there are also less restrictive credit regulations set up. Many of the so called government relief home refinance programs in the last several years have fallen short of actually aiding homeowners to refinance their home mortgage to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) provides the help many DeFuniak Springs, FL homeowners have needed for way too long. Whatever who your actual 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 3.0 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are based upon what is increasingly being outlined but it is not known what the ultimate program offers or if it will even have the chance of passing. The government has assumed that it would most likely help over 20 million borrowers and save families an average of $350 per month on the payments, that could total $35-70 billion in cost savings yearly.
HARP 3.0 MYREFI (Suggested 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 mortgage eligibility. The quick application form only takes one minute with zero personal information required. You can also call 800-871-2636 7 days a week.
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