The Home Affordable Refinance Program (HARP) loan would allow a great number of homeowners in Pinellas County to refinance their underwater homes where it was previously unattainable. If you are among the numerous who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com will help you to efficiently assist with your 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 Guidelines, and Features
The Making Home Affordable Program, first created and launched in 2009, allows many home owners who were previously unable to get refinancing for their mortgage loan. Attributed to total decreases throughout the market and property value decline, home owners were having problems spending money on more than they could afford on homes. Amongst the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing process, qualified homeowners of Gulfport, FL with HARP Refinancing may get a lesser payment on their home loan and save yourself thousands of dollars over the years.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because mortgages that have an LTV of over 80% are often not in a position to qualify for common loan refinancing options, the HARP program was important to let as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also gone through some modifications to enable greater flexibility for approval. At present, the HARP program made available is identified as HARP 2.0 and provides more flexible qualification prerequisites. Below is a breakdown of the historical past and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program can give substantial relief for Gulfport home owners that did not refinance their home in the past as a result of decreasing home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most significant adjustment. What this means is no more restrictions on how much a home owner currently owes on their mortgage loan vs. how much their house is currently worth. Gulfport home owners upside down or under water in their mortgage loan can get some assistance. Also, there are also fewer restrictive credit regulations implemented. Most of the so called government backed refinance loan programs in the last several years have fallen short of truly assisting home owners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the help many Gulfport homeowners have needed for too long. Irrespective of who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance providing your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program derive from what is currently being reviewed but it is unknown what the finished program will give you or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $400 a month on monthly mortgage payments, which might add up to $35-70 billion in financial benefits every year.
HARP 3 My Refi (Planned 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 loan eligibility. The quick application only takes one minute without any personal details 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?