The Home Affordable Refinance Program (HARP) loan allows for a large number of homeowners in St. Lucie County to re-finance their under water homes when it was previously not possible. If you are one of the many who qualify for the new HARP refinance program, FiveStarsMortgage.com will help you to efficiently assist in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Information
The Making Home Affordable Program, first created and launched in 2009, allows a large number of home owners who were previously struggling to refinance their mortgage. On account of complete decreases in the economy and property values, home owners were having problems spending money on more than they could afford on their homes. Among the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new loan refinancing program, eligible residents of Port St. Lucie, FL with HARP Refinancing could possibly get a reduced payment on their mortgage and help save thousands of dollars over the years.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because home mortgages that have an LTV of over 80% are often not in a position to qualify for standard mortgage refinancing options, the HARP program was necessary to let as many people as possible to begin spending less on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has also undergone quite a few modifications to permit added flexibility for acceptance. Presently, the HARP program provided is labeled HARP 2.0 and offers more flexible qualification conditions. This is a breakdown of the background and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program is providing serious assistance for Port St. Lucie, FL home owners that were not able to refinance in the past resulting from falling house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most important adjustment. What this means is no more limits on how much a home owner currently owes on their home vs. how much money their property is currently worth! Florida home owners upside-down or under water on their home loan will now get some assistance. The best part is, there are also a reduced amount of restrictive credit guidelines in place. Most of the other government relief refinance loan programs in the past have fallen short of actually helping home-owners to refinance their mortgage loan to a lower interest rate. The current rendition of the HARP mortgage program (2.0) provides the help many Port St. Lucie, FL property owners have deparately needed for too long. Irrespective of who your loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance as long as 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 derive from what is increasingly being reviewed but it is not known what the final program offers or if it will even pass through Government red tape. The government has assumed that it would probably help over 30 million borrowers and save families an average of $400 per month on their monthly mortgage payments, which might add to $35-70 billion in financial benefits yearly.
HARP 3.0 MYREFI (Proposed Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a moment with no personal info required. You can also call 800-871-2636 7 days a week.
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