The Home Affordable Refinance Program (HARP) loan helps a large number of homeowners in Pinellas County to refinance their underwater homes when it was previously unattainable. If you are one of the many who qualify for the new HARP refinancing program, FiveStarsMortgage.com can help you to swiftly assist with your 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, Eligibility Guidelines, and Features
The Making Home Affordable Program, which was created and launched in late 2009, allows a great number of home owners who had been previously unable to refinance their home loan. Because of the basic decreases in the economy and property values, home owners were bogged down having to pay more than they could afford on homes. One of the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, qualified residents of North Redington Beach, FL with HARP Refinancing could possibly get a cheaper payment for their home and save yourself thousands of dollars over the years.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because home loans with an LTV of more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was essential to enable as many people as possible to begin spending less on their payments. As borrowers demands have changed since the program was implemented, the HARP program has also undergone a number of alterations to permit added flexibility for acceptance. Currently, the HARP program offered is referred to as HARP 2.0 and provides more flexible qualification requirements. This is the breakdown of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program can give critical relief for North Redington Beach home owners that were not able to refinance in the past resulting from falling home values. The latest 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 important modification. This simply means no more limits on how much money a homeowner currently owes on their home vs. how much their house is currently worth. Florida home owners upside down or under water in their mortgage will have some assistance. Moreover, there are fewer restricted credit guidelines set up. Most of the other government refinance loan programs in the last several years have fallen short of truly helping homeowners to refinance their mortgage to a lower rate of interest. The present version of the HARP mortgage program (2.0) provides the help many North Redington Beach home-owners have needed for too long. It does not matter who your current loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can provide assistance provided that your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program are based upon what is increasingly being discussed but it is unknown what the finished program offers or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save families an average of $200 a month on payments, that would add to $35-70 billion in financial benefits annually.
HARP 3 My Refi (Projected Future Program)
HARP refinance loan application requests are being accepted 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 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?