The Home Affordable Refinance Program (HARP) loan lets a great number of home-owners in St. Lucie County to refinance their under water homes when it was previously impossible. If you are one of the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can help you to swiftly help you with the home 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 Criteria, and Information
The Making Home Affordable Program, which was created and launched in 2009, lets many home owners who had been previously helpless to get refinancing for their mortgage. As a consequence of all round declines in the economy and property values, homeowners were having difficulty having to pay more than they could afford on homes. One of the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified homeowners of Fort Pierce, FL with HARP Refinancing can get a smaller payment on their home loan and help you save thousands of dollars in the long run.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because home loans that have an LTV more than 80% are often not able to qualify for standard refinancing options, the HARP program was essential to enable as many people as possible to start lowering costs on their payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been through quite a few modifications to allow a bit more flexibility for acceptance. At present, the HARP program sold is identified as HARP 2.0 and gives more flexible qualification prerequisites. This is a breakdown of the background and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process gives considerable assistance for Fort Pierce home owners that were not able to refinance their home in the past stemming from falling house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most critical adjustment. This simply means no more limits on how much money a homeowner owes on their home verses how much money their home is currently worth. Florida homeowners upside down or underwater with their mortgage will now get some relief. Moreover, there are also a reduced amount of restricted credit regulations installed. Many of the so called government refinance programs in the past have fallen short of honestly helping home owners to refinance their home loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Fort Pierce home owners have needed for way too long. Whatever who your actual loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance on condition that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The important points of the program are based upon what is currently being discussed but it is unknown what the eventual 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 $300 a month on the monthly mortgage payments, that would total $35-70 billion in cost savings each and every year.
HARP 3 My Refi (Projected Potential Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes a moment and no personal info required. You can also call 800-871-2636 7 days a week.
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