The Home Affordable Refinance Program (HARP) loan would allow a great number of home-owners in Okaloosa County to refinance their under water homes where it was previously unattainable. If you are among the many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to quickly be of assistance to you with the mortgage 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, Eligibility Requirements, and Features
The Making Home Affordable Program, which was created and started in 2009, lets many home owners who were previously struggling to get refinancing for their mortgage. Due to existing declines in the economy and home value decline, homeowners were having trouble spending money on more than they could afford on homes. Among the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing approach, eligible residents of Laurel Hill with HARP Refinancing can get a smaller payment on their mortgage and save thousands of dollars in the long term.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because mortgage loans with an LTV in excess of 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was needed to allow for as many people as possible to begin spending less on their payments. As borrowers demands have changed since the program was implemented, the HARP program has also gone through quite a few adjustments to allow much more flexibility for approval. Presently, the HARP program available is named HARP 2.0 and gives more flexible qualification specifications. Below is a review of the history and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program gives sizeable assistance for Laurel Hill home owners that were not able to refinance in the past as a result of diminishing home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most vital change. Meaning no more limits on how much money a home owner owes on their home loan vs. how much their property is currently worth! Laurel Hill home-owners upside down or under water on their mortgage loan will now get some assistance. In addition, there are also less restricted credit guidelines set up. Most of the other government home refinance programs in the past have fallen short of honestly helping homeowners to refinance their home loan to a lower interest rate. The present version of the HARP mortgage program (2.0) offers the help many Laurel Hill, FL home-owners have needed for such a long time. Regardless of who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The important points of the program are based upon what is currently being outlined but it is not known what the finished program offers or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $400 per month on their payments, that may total $35-70 billion in savings each year.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a moment with no personal details required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage loan?