The Home Affordable Refinance Program (HARP) loan will allow a large number of home-owners in Bradford County to refinance their underwater homes where it was previously not possible. If you are one of the several who are qualified for the new HARP refinance program, FiveStarsMortgage.com can assist you to easily help you with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Features
The Making Home Affordable Program, which was created and initiated in late 2009, enables a great number of home owners who had been previously struggling to refinance their home loan. On account of existing decreases throughout the market and property values, home owners were cornered having to pay more than they can afford on their homes. Among the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing program, qualified homeowners of Hampton with HARP Refinancing could get a decreased payment for their home and save thousands of dollars in the long term.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgages that have an LTV more than 80% are often not able to qualify for typical mortgage refinancing options, the HARP program was important to permit as many people as possible to begin saving money on their monthly payments. As credit seekers needs have changed since the program began, the HARP program has also undergone a number of changes permitting extra flexibility for acceptance. At this time, the HARP program being offered is known as HARP 2.0 and offers more flexible qualification conditions. This is the summary of the historical past and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process provides considerable relief for Hampton home owners that were not able to refinance their home in the past due to 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 critical adjustment. This indicates no more restrictions on how much money a home owner currently owes on their mortgage verses how much money their home is currently worth. Hampton homeowners upside-down or underwater with their home loan will get some assistance. In addition to this, there are less restricted credit regulations implemented. Many of the so called government relief loan refinancing programs in the past have fallen short of actually supporting homeowners to refinance their mortgage to a lower interest rate. The present version of the HARP mortgage program (2.0) provides the help many Hampton, FL home owners have needed for such a long time. Whatever who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist providing your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program are based on what is increasingly being discussed but it is unknown what the finished program will give you or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $200 per month on the mortgage payments, that would total $35-70 billion in cost savings annually.
HARP 3.0 MYREFI (Suggested Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a few minutes without any personal information required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a traditional mortgage?