The Home Affordable Refinance Program (HARP) loan permits a great number of homeowners in Duval County to refinance their underwater homes where it was previously impossible. If you are one of many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to swiftly help 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, Plan Requirements, and Updates
The Making Home Affordable Program, first created and launched in 2009, helps many homeowners who were previously helpless to get refinancing for their mortgage. Through all round decreases in the economy and property values, home owners were cornered spending money on more than they could afford on homes. Amongst the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing process, qualified homeowners of Neptune Beach with HARP Refinancing can get a reduced payment on their mortgage loan and save lots of money over time.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because mortgages that have an LTV of more than 80% are often not in a position to qualify for common loan refinancing options, the HARP program was important to permit as many people as possible to begin saving money on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally gone through a number of adjustments to permit extra flexibility for approval. Currently, the HARP program being offered is identified as HARP 2.0 and gives more flexible qualification requirements. This is the summary of the historical past and progression of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program provides sizeable assistance for Neptune Beach, FL home owners that did not refinance their home in the past resulting from declining house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most significant change. This simply means no more restrictions on how much money a homeowner owes on their home vs. how much their home is currently worth. Neptune Beach, FL homeowners upside-down or underwater on their home loan can get some assistance. Also, there are a reduced amount of restrictive credit guidelines implemented. Most of the other government home refinance programs in the past have fallen short of actually assisting home owners to refinance their home loan to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the help many Neptune Beach, FL property owners have deparately needed for way too long. No matter what who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance provided that 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 speculation. The details of the program are based on what is currently being discussed but it is unknown what the ultimate program will provide or if it will even pass through Government red tape. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $200 a month on the payments, which could add up to $35-70 billion in cost savings annually.
HARP 3 MYREFI (Planned Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a minute with zero personal data ever required. You can also call 800-871-2636 7 days a week.
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