The Home Affordable Refinance Program (HARP) loan will permit a large number of homeowners in Pinellas County to refinance their under water homes where it was previously out of the question. If you are one of the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to quickly assist with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Guidelines, and Updates
The Making Home Affordable Program, first created and initiated in 2009, helps a great number of homeowners who had been previously helpless to get refinancing for their mortgage loan. Being a result of complete decreases throughout the market and property values, home owners were having problems spending money on more than they can afford on homes. One of the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, qualified homeowners of Pinellas Park, FL with HARP Refinancing could possibly get a lower payment on their mortgage and help save thousands of dollars in the long run.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because mortgage loans that have an LTV of over 80% are often not in a position to qualify for typical loan refinancing options, the HARP program was needed to enable as many people as possible to begin lowering costs on their payments. As credit seekers expectations have changed since the program began, the HARP program has also gone through some variations to allow significantly more flexibility for acceptance. At present, the HARP program made available is known as HARP 2.0 and gives more flexible qualification specifications. This is the breakdown of the background and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process gives sizeable relief for Pinellas Park, FL home owners that could not refinance their home in the past due to reducing home values. The newest 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 critical change. This suggests no more restrictions on how much a homeowner currently owes on their mortgage loan vs. how much their house is currently worth! Pinellas Park home owners upside-down or underwater in their mortgage will now have some assistance. On top of that, there are also a reduced amount of restrictive credit guidelines set up. Most of the other government relief refinance loan programs in the past have fallen short of honestly supporting home-owners to refinance their home loan to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) offers the relief many Pinellas Park, FL home owners have deparately needed for such a long time. Despite who your actual loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist providing your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are derived from what is currently being spoken about but it is unknown what the finished program can provide or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $400 a month on their monthly mortgage payments, that would total $35-70 billion in financial benefits each and every year.
HARP 3.0 MYREFI (Projected Possible Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes a minute with zero personal info ever required. You can also call 800-871-2636 7 days a week.
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