The Home Affordable Refinance Program (HARP) loan will allow a great number of homeowners in Okaloosa County to re-finance their under water homes where it was previously not possible. If you are one of the numerous who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to swiftly 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 Background, Eligibility Criteria, and Features
The Making Home Affordable Program, which was created and started in 2009, allows for a great number of homeowners who had been previously struggling to refinance their mortgage loan. A result of common decreases throughout the market and property values, home owners were having trouble having to pay more than they can afford on their homes. Amongst the primary benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, approved home owners of Niceville with HARP Refinancing can usually get a smaller payment on their home loan and help save a lot of money in the long run.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because home mortgages with an LTV of over 80% are often unable to qualify for standard refinancing options, the HARP program was important to allow as many people as possible to start lowering costs on their mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has additionally gone through a number of modifications permitting significantly more flexibility for acceptance. At this time, the HARP program made available is identified as HARP 2.0 and provides more flexible qualification prerequisites. This is the summary of the historical past and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers essential assistance for Niceville, FL home owners that were not able to refinance in the past attributable to falling home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most vital alteration. It indicates no more restrictions on how much money a home owner owes on their mortgage verses how much money their property is currently worth! Florida home-owners upside-down or under water in their home loan can get some help. On top of that, there are also less restricted credit regulations implemented. Most of the other government backed refinance loan programs in the last several years have fallen short of honestly supporting homeowners to refinance their home loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) offers the relief many Niceville, FL homeowners have deparately needed for such a long time. Despite who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help as long as your home 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 important points of the program derive from what is increasingly being reviewed but it is not known what the finished program will give you or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $200 a month on the monthly payments, that would total $35-70 billion in reductions each year.
HARP 3 My Refi (Planned Possible Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a few minutes with no personal info ever required. You can also call 800-871-2636 7 days a week.
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