The Home Affordable Refinance Program (HARP) loan enables a large number of homeowners in Brevard County to refinance their underwater homes where it was previously out of the question. If you are one of the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can help you to swiftly help out in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Criteria, and Information
The Making Home Affordable Program, which was created and initiated in 2009, allows for many home owners who were previously struggling to get refinancing for their home loan. A consequence of basic decreases throughout the market and property values, home owners were having problems having to pay more than they could afford on their homes. One of the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified homeowners of Satellite Beach with HARP Refinancing can get a lower payment for their mortgage and save a lot of money over the years.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on the mortgage. Because 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 saving money on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through quite a few variations to allow for greater flexibility for acceptance. At present, the HARP program available is identified as HARP 2.0 and gives more flexible qualification guidelines. This is the review of the history and expansion of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program gives major relief for Satellite Beach home owners that did not refinance in the past as a result of dropping 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 LTV, which is the most important modification. This suggests no more restrictions on how much money a home owner currently owes on their mortgage loan verses how much their house is currently worth. Florida homeowners upside-down or underwater in their home loan will have some assistance. The best part is, there are also a lot less restricted credit guidelines in place. Many of the other government relief refinance loan programs in the last several years have fallen short of honestly assisting home-owners to refinance their home mortgage to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) provides the help many Satellite Beach property owners have deparately needed for such a long time. Whatever who your current loan provider is (Bank of America, Wells Fargo, 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 discussed is simply hypothesis. The specifics of the program are based on what is increasingly being outlined but it is unknown what the final program can provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $250 a month on mortgage payments, that can add to $35-70 billion in reductions yearly.
HARP 3.0 MYREFI (Planned Possible Future Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a few minutes and no personal info ever required. You can also call 800-871-2636 7 days a week.
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