The Home Affordable Refinance Program (HARP) loan enables a large number of home owners in Pinellas County to refinance their under water homes when it was previously unachievable. If you are among the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to efficiently assist in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Criteria, and Changes
The Making Home Affordable Program, which was created and started in 2009, lets a great number of homeowners who were previously helpless to refinance their mortgage. Because of the overall decreases throughout the market and property values, homeowners were having difficulty spending money on more than they can afford on homes. Amongst the main benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing process, approved homeowners of Indian Shores, FL with HARP Refinancing can usually get a more affordable payment on their mortgage and help save thousands of dollars over time.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home mortgages with an LTV more than 80% are often not able to qualify for conventional refinancing options, the HARP program was important to enable as many people as possible to begin saving money on their payments. As borrowers needs have changed since the program began, the HARP program has also been through quite a few variations to enable a bit more flexibility for acceptance. At present, the HARP program being offered is known as HARP 2.0 and gives more flexible qualification specifications. This is the review of the historical past and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program can give considerable relief for Indian Shores home owners that did not refinance in the past resulting from dropping house values. The newest 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 prominent change. It indicates no more limitations on how much a home owner owes on their home loan verses how much money their house is currently worth. Indian Shores, FL home owners upside down or under water on their mortgage loan can get some assistance. In addition to this, there are less restrictive credit guidelines in place. Most of the other government backed refinance programs in the past have fallen short of actually supporting homeowners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the relief many Indian Shores home-owners have deparately needed for such a long time. Despite who your loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you on condition that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are derived from what is currently being outlined but it is not known what the ultimate program will offer or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $300 per month on monthly payments, which could add to $35-70 billion in savings every year.
HARP 3 My Refi (Proposed Potential Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a minute with no personal data 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?