The Home Affordable Refinance Program (HARP) loan would allow countless home owners in Walton County to re-finance their underwater homes when it was previously out of the question. If you are one of the numerous who qualify for the newest HARP refinance program, FiveStarsMortgage.com can help you to easily assist in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Requirements, and Information
The Making Home Affordable Program, first created and initiated in 2009, allows for a large number of homeowners who were previously unable to refinance their mortgage loan. Resulting from all round decreases in the economy and property values, homeowners were cornered having to pay more than they can afford on their homes. One of the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing program, approved home owners of Freeport, FL with HARP Refinancing may get a cheaper payment on their mortgage loan and save lots of money in the long run.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgage loans that have an LTV of more than 80% are often not able to qualify for common mortgage refinancing options, the HARP program was essential to let as many people as possible to start saving money on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has additionally gone through some adjustments to enable much more flexibility for acceptance. Right now, the HARP program made available is named HARP 2.0 and provides more flexible qualification conditions. This is a breakdown of the background and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program can give substantial relief for Freeport, FL home owners that did not refinance in the past due to shrinking home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most critical modification. It indicates no more restrictions on how much money a home owner currently owes on their mortgage loan vs. how much money their home is currently worth. Freeport, FL home owners upside-down or under water with their mortgage will have some assistance. Also, there are a lot less restrictive credit guidelines installed. Most of the so called government backed loan refinancing programs in the last several years have fallen short of actually helping home-owners to refinance their mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) offers the help many Freeport homeowners have needed for too long. Whatever who your loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help as long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The details of the program are based on what is currently being spoken about but it is not known what the finalized program will offer you or if it will even pass through Government red tape. The government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $400 per month on the monthly mortgage payments, that would add to $35-70 billion in reductions each and every year.
HARP 3 MYREFI (Recommended Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application only takes a few minutes with zero personal info required. You can also call 800-871-2636 7 days a week.
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