The Home Affordable Refinance Program (HARP) loan allows many homeowners in Bay County to re-finance their underwater homes when it was previously not possible. If you are one of many who qualify for the newest HARP refinance program, FiveStarsMortgage.com can help you to easily assist with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Requirements, and Features
The Making Home Affordable Program, which was created and initiated in 2009, allows a great number of home owners who were previously struggling to refinance their mortgage loan. As a consequence of overall decreases in the economy and property value decline, homeowners were trapped paying more than they could afford on homes. Amongst the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, qualified residents of Panama City, FL with HARP Refinancing could possibly get a cheaper payment on their home loan and save yourself a lot of money over time.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because mortgage loans that have an LTV of over 80% are often not in a position to qualify for common refinancing options, the HARP program was important to allow as many people as possible to begin spending less on their payments. As borrowers expectations have changed since the program began, the HARP program has also undergone a number of adjustments to permit much more flexibility for approval. Presently, the HARP program available is known as HARP 2.0 and gives more flexible qualification prerequisites. Here is a review of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process can give significant assistance for Panama City, FL home owners that could not refinance their home in the past resulting from declining 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 significant alteration. What this means is no more limitations on how much money a home owner owes on their mortgage loan vs. how much money their home is currently worth! Panama City, FL home-owners upside-down or under water in their mortgage can have some assistance. Moreover, there are a reduced amount of restricted credit regulations implemented. Many of the other government relief home refinance programs in the last several years have fallen short of truly assisting home-owners to refinance their mortgage loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the help many Panama City, FL home owners have deparately needed for way too long. Regardless of who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based upon what is currently being discussed but it is unknown what the ultimate program may offer or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save home-owners an average of $350 a month on mortgage payments, which could add up to $35-70 billion in cost savings each year.
HARP 3.0 MYREFI (Planned Potential Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a moment and no personal information required. You can also call 800-871-2636 7 days a week.
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