The Home Affordable Refinance Program (HARP) loan makes it possible for many home-owners in Indian River County to re-finance their underwater homes when it was previously unachievable. If you are among the numerous who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly help out in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Updates
The Making Home Affordable Program, which was created and launched in 2009, allows for a great number of home owners who had been previously struggling to refinance their home loan. On account of basic decreases throughout the market and property values, home owners were cornered having to pay more than they can afford on homes. One of the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing program, qualified homeowners of Sebastian, FL with HARP Refinancing could get a lesser payment for their home loan and help save a lot of money in the long term.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because home loans with an LTV in excess of 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was essential to let as many people as possible to start saving money on their mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been through quite a few improvements to enable extra flexibility for approval. Right now, the HARP program being offered is referred to as HARP 2.0 and offers more flexible qualification specifications. This is the summary of the historical past and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program can give essential relief for Sebastian home owners that did not refinance in the past stemming from dropping 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 LTV, which is the most vital adjustment. What this means is no more limits on how much a home owner owes on their home verses how much money their home is currently worth. Sebastian home owners upside-down or underwater in their mortgage loan will get some assistance. In addition to this, there are fewer restricted credit guidelines installed. Many of the so called government backed refinance loan programs in the last several years have fallen short of honestly helping homeowners to refinance their mortgage to a lower interest rate. The latest version of the HARP mortgage program (2.0) offers the relief many Sebastian, FL property owners have deparately needed for way too long. It does not matter who your loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist so long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The facts of the program are based upon what is increasingly being reviewed but it is not known what the finished program will provide or if it will even have the chance of passing. The federal government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $200 a month on monthly mortgage payments, which could add up to $35-70 billion in cost savings every year.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a minute without any personal information required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?