The Home Affordable Refinance Program (HARP) loan enables many home owners in Bay County to re-finance their underwater homes when it was previously out of the question. If you are one of the many who qualify for the newest HARP refinance program, FiveStarsMortgage.com can help you to easily assist with your 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 Changes
The Making Home Affordable Program, first created and initiated in 2009, lets a large number of homeowners who had been previously struggling to get refinancing for their mortgage loan. A result of basic declines in the economy and home value decline, homeowners were trapped paying more than they can afford on their homes. Among the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, qualified homeowners of Panama City Beach with HARP Refinancing may get a smaller payment on their mortgage and help you save lots of money over the long haul.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because mortgages that have an LTV in excess of 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was essential to enable as many people as possible to begin spending less on their mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been subject to a number of alterations to enable more flexibility for acceptance. At this time, the HARP program offered is labeled HARP 2.0 and gives more flexible qualification prerequisites. This is a summary of the background and expansion of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process offers major assistance for Panama City Beach home owners that did not refinance their home in the past attributable to reducing home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most essential modification. Therefore no more limitations on how much a home owner owes on their mortgage loan vs. how much their property is currently worth. Panama City Beach, FL home owners upside down or under water in their mortgage loan will now get some assistance. On top of that, there are a lot less restrictive credit regulations implemented. Many of the other government relief loan refinancing programs in the last several years have fallen short of actually supporting home owners to refinance their home loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) offers the help many Panama City Beach, FL home owners have needed for so long. Whatever who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist provided that your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The specifics of the program are based on what is increasingly being reviewed but it is unknown what the finished program will offer you or if it will even have the chance of passing. The government has assumed that it would probably help over 30 million borrowers and save families an average of $400 a month on the mortgage payments, that can total $35-70 billion in reductions each and every year.
HARP 3.0 MYREFI (Recommended Possible Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes one minute and no 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 conventional mortgage?