The Home Affordable Refinance Program (HARP) loan permits countless homeowners in Sarasota County to refinance their under water homes when it was previously not possible. If you are among the numerous who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can help you to quickly assist in your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Requirements, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, lets a large number of home owners who were previously helpless to refinance their home loan. A result of general decreases throughout the market and property value decline, homeowners were having trouble spending money on 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 type of new refinancing program, qualified homeowners of Longboat Key, FL with HARP Refinancing can get a lower payment on their mortgage loan and save yourself a lot of money over the years.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgages with an LTV in excess of 80% are often unable to qualify for standard refinancing options, the HARP program was needed to allow as many people as possible to start saving money on their monthly payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also gone through a number of variations permitting more flexibility for acceptance. At present, the HARP program available is known as HARP 2.0 and provides more flexible qualification prerequisites. This is the summary of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program gives serious assistance for Longboat Key home owners that did not refinance their home in the past due to declining house values. The latest 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 critical alteration. It indicates no more limitations on how much money a homeowner owes on their mortgage loan vs. how much their house is currently worth! Longboat Key home-owners upside-down or under water with their mortgage loan will get some assistance. In addition to this, there are also a reduced amount of restricted credit regulations set up. Many of the other government relief refinance loan programs in the past have fallen short of actually supporting home owners to refinance their home mortgage to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) provides the help many Longboat Key, FL property owners have deparately needed for too long. Irrespective of who your existing loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance on condition 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 specified is simply speculation. The main points of the program are based on what is currently being discussed but it is unknown what the ultimate program will offer you or if it will even have the chance of passing. The federal government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $400 a month on their payments, that would add up to $35-70 billion in financial benefits yearly.
HARP 3.0 MYREFI (Proposed Future Program)
HARP refinance home loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a few minutes with zero 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 conventional mortgage loan?