The Home Affordable Refinance Program (HARP) loan would allow countless homeowners in Brevard County to refinance their underwater homes when it was previously out of the question. If you are among the numerous who qualify for the new HARP refinancing program, FiveStarsMortgage.com can help you to quickly help out with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Information
The Making Home Affordable Program, first created and initiated in late 2009, allows for a large number of homeowners who had been previously helpless to refinance their home loan. Resulting from all round declines in the economy and home values, homeowners were bogged down paying more than they can afford on their homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, approved home owners of Melbourne with HARP Refinancing could get a lower payment for their mortgage loan and help save a lot of money in the long term.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because home mortgages that have an LTV more than 80% are often unable to qualify for common loan refinancing options, the HARP program was needed to enable as many people as possible to start saving money on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has also been through a number of changes to allow for extra flexibility for approval. Presently, the HARP program sold is known as HARP 2.0 and gives more flexible qualification requirements. Below is a breakdown of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process gives substantial relief for Melbourne home owners that did not refinance in the past as a consequence of shrinking 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 critical modification. It indicates no more limitations on how much a home owner owes on their home verses how much their house is currently worth! Melbourne home owners upside-down or underwater in their home loan will get some assistance. The best part is, there are a reduced amount of restricted credit regulations in place. Many of the other government relief loan refinancing programs in the past have fallen short of honestly helping 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 relief many Melbourne, FL property owners have deparately needed for so long. Despite who your actual loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program are based upon what is currently being spoken about but it is unknown what the finalized program may offer or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $400 per month on the payments, that can add to $35-70 billion in savings annually.
HARP 3.0 MYREFI (Projected Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a moment without any 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 traditional mortgage loan?