The Home Affordable Refinance Program (HARP) loan allows for many home owners in Bay County to refinance their underwater homes when it was previously unachievable. If you are one of many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly help out with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Plan Guidelines, and Updates
The Making Home Affordable Program, which was created and initiated in 2009, lets a great number of home owners who were previously unable to get refinancing for their home loan. Resulting from existing declines in the economy and property values, home owners were having problems having to pay more than they could afford on their homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing program, approved home owners of Southport with HARP Refinancing could possibly get a smaller payment on their home and help you save a lot of money over time.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgages that have an LTV in excess of 80% are often not in a position to qualify for conventional loan refinancing options, the HARP program was needed to let as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been through a number of changes to enable increased flexibility for approval. At this time, the HARP program made available is labeled HARP 2.0 and offers more flexible qualification guidelines. Below is a summary of the background and development of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program can give critical relief for Southport, FL home owners that were not able to refinance in the past stemming from dropping house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most essential alteration. This suggests no more limitations on how much money a homeowner currently owes on their home 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, there are a reduced amount of restricted credit guidelines installed. Most of the other government refinance loan programs in the last several years have fallen short of truly helping home-owners to refinance their mortgage to a lower interest rate. The current edition of the HARP mortgage program (2.0) offers the help many Southport property owners have deparately needed for so long. Whatever who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance as long as your home mortgage 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 details of the program are derived from what is currently being outlined but it is unknown what the final program may offer or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save families an average of $300 a month on the monthly mortgage payments, that may total $35-70 billion in reductions yearly.
HARP 3 My Refi (Proposed Future Program)
HARP refinance home loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a minute with no personal info 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?