The Home Affordable Refinance Program (HARP) loan allows for many homeowners in Okaloosa County to re-finance their underwater homes when it was previously out of the question. If you are one of the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com will help you to efficiently help you 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 Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and started in late 2009, allows for numerous home owners who were previously unable to get refinancing for their mortgage. As a result of common declines throughout the market and home value decline, homeowners were having problems paying more than they can afford on their homes. Amongst the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, approved residents of Mary Esther with HARP Refinancing could possibly get a smaller payment on their mortgage loan and help save a lot of money over the years.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because mortgage loans that have an LTV of more than 80% are often unable to qualify for traditional loan refinancing options, the HARP program was necessary to let as many people as possible to begin lowering costs on their monthly mortgage payments. As borrowers needs have changed since the program began, the HARP program has additionally gone through quite a few changes to permit significantly more flexibility for approval. At present, the HARP program available is labeled HARP 2.0 and gives more flexible qualification prerequisites. Here is a breakdown of the background and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives essential assistance for Mary Esther, FL home owners that were not able to refinance in the past attributable to falling house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most prominent alteration. What this means is no more limitations on how much money a homeowner currently owes on their home loan vs. how much money their home is currently worth. Mary Esther homeowners upside-down or under water in their mortgage can get some assistance. In addition to this, there are fewer restrictive credit regulations in place. Most of the other government relief home refinance programs in the past have fallen short of actually supporting home-owners to refinance their home loan to a lower interest rate. The current rendition of the HARP mortgage program (2.0) provides the help many Mary Esther property owners have needed for such a long time. Regardless of who your existing loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are based upon what is increasingly being spoken about but it is not known what the eventual program may offer or if it will even have the chance of passing. The government has assumed that it would likely help over 30 million borrowers and save home owners an average of $250 per month on their mortgage payments, which could total $35-70 billion in cost savings annually.
HARP 3 My Refi (Suggested Potential Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short 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?