The Home Affordable Refinance Program (HARP) loan allows for many home-owners in Okaloosa County to refinance their underwater homes where it was previously out of the question. If you are one of the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to easily assist 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 Background, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and launched in late 2009, helps numerous home owners who were previously unable to refinance their mortgage loan. Due to the overall decreases throughout the market and property value decline, homeowners were having trouble spending more than they can afford on their homes. One of the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified residents of Shalimar, FL with HARP Refinancing could possibly get a decreased payment on their mortgage loan and help you save lots of money over the years.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because home loans that have an LTV in excess of 80% are often unable to qualify for traditional refinancing options, the HARP program was needed to let as many people as possible to start spending less on their payments. As credit seekers needs have changed since the program began, the HARP program has also undergone some variations to permit extra flexibility for acceptance. Presently, the HARP program being offered is often called HARP 2.0 and gives more flexible qualification specifications. This is a review of the background and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program is providing major relief for Shalimar, FL home owners that could not refinance their home in the past as a result of dropping home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most important modification. What this means is no more limits on how much money a home owner owes on their home loan verses how much their property is currently worth. Shalimar home-owners upside-down or under water in their mortgage loan will now have some help. Moreover, there are also a reduced amount of restrictive credit guidelines set up. Most of the so called government backed refinance loan programs in the last several years have fallen short of truly supporting homeowners to refinance their mortgage loan to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the help many Shalimar homeowners have deparately needed for way too long. Despite who your loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program are based on what is currently being outlined but it is unknown what the finalized program will provide 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 $200 per month on the monthly payments, that could total $35-70 billion in cost savings each and every year.
HARP 3 MYREFI (Suggested Potential Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a few minutes and no personal details required. You can also call 800-871-2636 7 days a week.
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