The Home Affordable Refinance Program (HARP) loan permits many home owners in Martin County to refinance their underwater homes where it was previously not possible. If you are among the many who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to easily help you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Criteria, and Updates
The Making Home Affordable Program, which was created and started in 2009, allows many home owners who had been previously unable to refinance their mortgage loan. Due to general decreases throughout the market and property values, homeowners were bogged down spending money on more than they could afford on homes. Among the main benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, eligible residents of Indiantown, FL with HARP Refinancing could get a smaller payment for their home and help save thousands of dollars over the long haul.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of over 80% on their home loan. Because mortgage loans with an LTV more than 80% are often not able to qualify for common mortgage refinancing options, the HARP program was essential to enable as many people as possible to begin spending less on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally been through some alterations to allow far more flexibility for acceptance. Currently, the HARP program made available is identified as HARP 2.0 and gives more flexible qualification specifications. Below is a summary of the history and expansion of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process provides serious relief for Indiantown, FL home owners that could not refinance in the past resulting from 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 unlimited LTV, which is the most critical adjustment. This simply means no more limits on how much a home owner owes on their home vs. how much money their home is currently worth! Indiantown, FL homeowners upside down or underwater on their mortgage will now have some assistance. Moreover, there are also less restricted credit regulations installed. Many of the so called government backed refinance loan programs in the last several years have fallen short of actually helping home-owners to refinance their home loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) offers the relief many Indiantown, FL home-owners have deparately needed for such a long time. It does not matter who your loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help provided that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The specifics of the program are based on what is currently being spoken about but it is not known what the finalized program may offer or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $200 per month on monthly mortgage payments, that would total $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Planned Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes one minute without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?