The Home Affordable Refinance Program (HARP) loan permits a large number of home-owners in Flagler County to re-finance their underwater homes when it was previously out of the question. If you are among the numerous who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to efficiently help you in your mortgage 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 Requirements, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, enables a large number of homeowners who had been previously unable to get refinancing for their mortgage. Stemming from existing decreases throughout the market and home value decline, home owners were trapped spending money on more than they can 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 process, eligible residents of Palm Coast, FL with HARP Refinancing may get a decreased payment on their home loan and save yourself thousands of dollars over the years.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because home mortgages with an LTV of over 80% are often not in a position to qualify for common loan refinancing options, the HARP program was needed to allow for as many people as possible to start lowering costs on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has also been through a number of changes to allow for increased flexibility for approval. At present, the HARP program made available is often called HARP 2.0 and offers more flexible qualification conditions. This is the summary of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process is providing critical assistance for Palm Coast, FL home owners that were not able to refinance in the past as a consequence of reducing 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 essential modification. This indicates no more limitations on how much money a homeowner currently owes on their mortgage vs. how much money their house is currently worth. Palm Coast, FL home owners upside down or underwater with their home loan will now get some assistance. On top of that, there are also fewer restricted credit guidelines in place. Many of the other government backed refinance loan programs in the last several years have fallen short of honestly supporting home-owners to refinance their mortgage loan to a lower rate of interest. The present variation of the HARP mortgage program (2.0) provides the help many Palm Coast, FL homeowners have deparately needed for such a long time. Irrespective of who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you provided that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The details of the program are derived from what is currently being spoken about but it is unknown what the final 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 homeowners an average of $300 a month on the monthly payments, which could add to $35-70 billion in financial benefits each and every year.
HARP 3 MYREFI (Suggested Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a few minutes with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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