The Home Affordable Refinance Program (HARP) loan permits a great number of home-owners in Pinellas County to refinance their under water 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 swiftly help you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Criteria, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, enables many home owners who had been previously helpless to refinance their mortgage loan. Caused by common declines in the economy and home value decline, home owners were having difficulty paying more than they could afford on their homes. Among the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, eligible homeowners of Madeira Beach with HARP Refinancing could get a reduced payment for their mortgage and help you save thousands of dollars over the long haul.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on the home loan. Because home loans with an LTV more than 80% are often not in a position to qualify for typical mortgage refinancing options, the HARP program was important to allow for as many people as possible to start spending less on their payments. As credit seekers needs have changed since the program began, the HARP program has also been subject to a number of changes permitting a bit more flexibility for approval. Presently, the HARP program offered is identified as HARP 2.0 and provides more flexible qualification prerequisites. This is the summary of the background and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program gives sizeable assistance for Madeira Beach home owners that were not able to refinance in the past as a result of dropping home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most significant modification. This simply means no more restrictions on how much money a homeowner currently owes on their mortgage loan verses how much their house is currently worth. Florida home owners upside-down or under water in their home loan will get some help. In addition, there are a reduced amount of restrictive credit guidelines implemented. Most of the other government relief refinance programs in the past have fallen short of honestly helping home owners to refinance their home loan to a lower interest rate. The modern edition of the HARP mortgage program (2.0) offers the relief many Madeira Beach, FL homeowners have needed for too long. Despite who your current loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you so long as 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 details of the program are based on what is currently being outlined but it is not known what the finished program can provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $250 a month on payments, that would add to $35-70 billion in savings each and every year.
HARP 3.0 My Refi (Suggested Possible Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a minute and no personal info ever 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?