The Home Affordable Refinance Program (HARP) loan makes it possible for a great number of homeowners in Manatee County to re-finance their under water homes when it was previously out of the question. If you are among the numerous who are qualified for the new HARP refinance program, FiveStarsMortgage.com can help you to swiftly be of assistance to you 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 History, Eligibility Guidelines, and Enhancements
The Making Home Affordable Program, which was created and initiated in 2009, enables numerous homeowners who were previously unable to get refinancing for their mortgage. As a consequence of basic declines in the economy and home value decline, home owners were stuck spending more than they can afford on their homes. Among the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, approved residents of Parrish with HARP Refinancing may get a smaller payment for their home loan and save yourself thousands of dollars over the long haul.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home loans with an LTV of more than 80% are often unable to qualify for conventional mortgage refinancing options, the HARP program was necessary to enable as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally gone through some modifications to allow for greater flexibility for approval. At present, the HARP program sold is known as HARP 2.0 and gives more flexible qualification requirements. Below is a breakdown of the history and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program offers considerable relief for Parrish home owners that did not refinance in the past stemming 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 unlimited LTV, which is the most essential change. What this means is no more limits on how much a homeowner currently owes on their home loan verses how much their home is currently worth! Parrish, FL homeowners upside-down or under water with their mortgage loan will now have some relief. In addition to this, there are also a lot less restricted credit regulations installed. Most of the other government backed refinance programs in the past have fallen short of actually helping homeowners to refinance their mortgage loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the relief many Parrish home owners have needed for so long. It does not matter who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance on condition that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The specifics of the program are based upon what is increasingly being reviewed but it is not known what the eventual program can provide 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 home-owners an average of $200 per month on their payments, that can add to $35-70 billion in financial benefits annually.
HARP 3.0 My Refi (Proposed Potential Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes one minute and no personal information required. You can also call 800-871-2636 7 days a week.
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