The Home Affordable Refinance Program (HARP) loan will permit many homeowners in Wakulla County to re-finance their under water homes where it was previously out of the question. If you are one of the many who qualify for the latest HARP refinance program, FiveStarsMortgage.com will help you to easily help you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Prerequisites, and Changes
The Making Home Affordable Program, first created and launched in 2009, allows for a large number of home owners who had been previously unable to get refinancing for their mortgage loan. As a result of total declines throughout the market and home values, homeowners were having trouble spending money on more than they could afford on homes. One of the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing approach, qualified residents of Sopchoppy with HARP Refinancing can usually get a reduced payment for their home and help you save a lot of money over time.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of over 80% on the mortgage loan. Because home loans that have an LTV of over 80% are often unable to qualify for standard loan refinancing options, the HARP program was important to permit as many people as possible to start spending less on their monthly mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been through quite a few adjustments permitting far more flexibility for approval. Currently, the HARP program provided is often called HARP 2.0 and gives more flexible qualification guidelines. This is a breakdown of the historical past and development of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process is providing major assistance for Sopchoppy, FL home owners that were not able to refinance in the past attributable to decreasing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most critical change. Therefore no more limitations on how much a home owner currently owes on their mortgage loan verses how much their house is currently worth. Sopchoppy home-owners upside-down or underwater on their mortgage loan will get some relief. In addition to this, there are less restricted credit guidelines implemented. Many of the other government relief refinance loan programs in the past have fallen short of honestly aiding home owners to refinance their mortgage to a lower interest rate. The latest variation of the HARP mortgage program (2.0) offers the relief many Sopchoppy, FL home owners have needed for such a long time. Irrespective of who your existing loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you as long as your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are derived from what is currently being discussed but it is unknown what the finalized program can 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 $350 per month on monthly mortgage payments, that could add to $35-70 billion in cost savings annually.
HARP 3.0 MYREFI (Planned Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a minute with zero personal data ever 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?