The Home Affordable Refinance Program (HARP) loan makes it possible for countless home owners in Brevard County to re-finance their underwater homes when it was previously unattainable. If you are among the many who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently help you with the 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 Requirements, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, enables a large number of homeowners who had been previously unable to get refinancing for their mortgage loan. By way of common decreases throughout the market and property value decline, homeowners were having trouble spending more than they can afford on homes. Amongst the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, qualified homeowners of Indialantic with HARP Refinancing can usually get a lesser payment on their home and save thousands of dollars over the long haul.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home mortgages with an LTV of over 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was important to allow for as many people as possible to start saving money on their monthly payments. As borrowers needs have changed since the program began, the HARP program has also been subject to a number of modifications to permit greater flexibility for approval. At this time, the HARP program being offered is identified as HARP 2.0 and provides more flexible qualification conditions. Below is a review of the historical past and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
- Created April 2009
- Is required to be backed by Freddie Mac or Fannie Mae
- Current mortgage must have been secured earlier than May 31, 2009
- USDA, FHA, and jumbo loans do not qualify
The HARP 2.0 mortgage refinance loan process offers major assistance for Indialantic, FL home owners that were not able to refinance in the past as a result of declining house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most vital alteration. It indicates no more limitations on how much money a homeowner currently owes on their mortgage verses how much money their property is currently worth! Indialantic, FL home-owners upside down or under water on their mortgage will now get some relief. On top of that, there are also a reduced amount of restricted credit guidelines set up. Many of the other government backed refinance loan programs in the past have fallen short of actually aiding home owners to refinance their home loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) offers the help many Indialantic, FL home owners have deparately needed for such a long time. Irrespective of who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance as long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
- Formal HARP program in place today.
- Established March 2012
- Must have Six months of continual, on time mortgage loan payments
- Current mortgage must have been properly secured before May 31, 2009
- No maximum LTV for 30 year fixed rate loans
- 105% LTV for adjustable rate mortgages
- Less than 20% equity in home (LTV cannot be less than 80%)
- Only offered for Freddie Mac and Fannie Mae backed mortgage loans
- Just 1 HARP refinance loan allowed per mortgage. If you previously used HARP you cannot utilize HARP 2/li>HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based upon what is increasingly being discussed but it is unknown what the finalized program will provide or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 30 million borrowers and save families an average of $200 per month on monthly payments, that could total $35-70 billion in savings yearly.
HARP 3.0 My Refi (Proposed Future Program)
- Now being reviewed by the federal government, not yet approved
- If certified, would broaden streamline refinance loan opportunities under the existing HARP program
- Would include all home owners, including non-Freddie or Fannie home mortgages
- Home-owners must be up-to-date on their own payments
- May integrate jumbo loans together with other categories of home loans
- Would undoubtedly still limit refinance opportunities for loans previous to May 31, 2009
- HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a minute with no personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?
- Homeowners that currently have a FHA backed mortgage, please visit https://www.fivestarsmortgage.com/florida-fha-loan for more information about the FHA Streamline refinance program.
- Homeowners with a USDA/Rural Development loan can read about the USDA Pilot Refinance at – https://www.fivestarsmortgage.com/usda-rural-loan
- Homeowners with a VA home loan can read about the VA IRRL refinance here – https://www.fivestarsmortgage.com/floridavaloan