The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of home-owners in Sarasota County to re-finance their under water homes where it was previously impossible. If you are one of the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can help you to efficiently assist in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Guidelines, and Changes
The Making Home Affordable Program, first created and initiated in 2009, helps a large number of homeowners who had been previously helpless to refinance their home loan. A result of all around decreases throughout the market and property values, home owners were having trouble paying more than they can afford on homes. One of the main benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, approved home owners of Sarasota, FL with HARP Refinancing could get a more affordable payment on their home loan and help you save thousands of dollars in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home mortgages that have an LTV of more than 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was necessary to allow as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program began, the HARP program has also been subject to some improvements to permit far more flexibility for acceptance. Right now, the HARP program offered is identified as HARP 2.0 and offers more flexible qualification guidelines. Here is a breakdown of the background and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program provides essential assistance for Sarasota home owners that could not refinance their home in the past attributable to diminishing house values. The latest 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 vital adjustment. This means no more limitations on how much money a homeowner owes on their mortgage loan vs. how much money their house is currently worth. Florida home owners upside down or under water in their mortgage loan will have some help. In addition to this, there are a reduced amount of restricted credit regulations installed. Most of the other government backed refinance programs in the past have fallen short of honestly helping home-owners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the relief many Sarasota, FL home owners have deparately needed for such a long time. Irrespective of who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist providing your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The main points of the program are based on what is increasingly being discussed but it is not known what the eventual program will provide or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save home-owners an average of $250 a month on their payments, that could total $35-70 billion in reductions each and every year.
HARP 3.0 My Refi (Proposed Possible Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes one minute and no personal details ever required. You can also call 800-871-2636 7 days a week.
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