The Home Affordable Refinance Program (HARP) loan permits many home-owners in Manatee County to refinance their underwater homes where it was previously out of the question. If you are one of many who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to efficiently help you in your 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, Plan Guidelines, and Features
The Making Home Affordable Program, which was created and initiated in late 2009, allows for many homeowners who had been previously unable to refinance their mortgage. A result of all round declines in the economy and property value decline, homeowners were bogged down paying more than they can afford on homes. One of the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new loan refinancing program, eligible residents of Holmes Beach with HARP Refinancing could possibly get a more affordable payment on their mortgage and help save a lot of money over time.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgage loans that have an LTV in excess of 80% are often not able to qualify for conventional loan refinancing options, the HARP program was necessary to allow for as many people as possible to start lowering costs on their payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been subject to quite a few changes to permit more flexibility for approval. At present, the HARP program offered is labeled HARP 2.0 and gives more flexible qualification conditions. This is the breakdown of the historical past and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program gives major assistance for Holmes Beach, FL home owners that could not refinance in the past as a consequence of reducing 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 vital adjustment. It indicates no more restrictions on how much a homeowner currently owes on their mortgage loan verses how much money their property is currently worth! Florida homeowners upside down or under water on their mortgage will now get some relief. Moreover, there are also fewer restrictive credit guidelines installed. Most of the other government loan refinancing programs in the last several years have fallen short of actually supporting homeowners to refinance their mortgage to a lower interest rate. The present rendition of the HARP mortgage program (2.0) provides the help many Holmes Beach, FL property owners have deparately needed for way too long. Despite who your actual loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program are based upon what is increasingly being reviewed but it is unknown what the finished program offers 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 $250 per month on payments, that may add up to $35-70 billion in savings annually.
HARP 3 MYREFI (Recommended Potential Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a few minutes without any personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a traditional mortgage loan?