The Home Affordable Refinance Program (HARP) loan would allow many home owners in St. Johns County to re-finance their under water homes when it was previously unachievable. If you are one of the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to easily 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 Background, Plan Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and started in late 2009, allows for a great number of home owners who were previously unable to refinance their mortgage. By reason of all round decreases in the economy and property values, home owners were bogged down spending more than they could afford on their homes. One of the primary benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, qualified home owners of St. Augustine Beach with HARP Refinancing could get a smaller payment for their home and help you save thousands of dollars over the years.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because home mortgages that have an LTV of over 80% are often unable to qualify for standard refinancing options, the HARP program was essential to let as many people as possible to begin spending less on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also gone through some variations to permit much more flexibility for approval. Presently, the HARP program being offered is known as HARP 2.0 and gives more flexible qualification prerequisites. This is the review of the historical past and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program gives essential relief for St. Augustine Beach home owners that could not refinance their home in the past because of diminishing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most prominent change. This means 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 home-owners upside down or underwater with their home loan will now have some assistance. In addition to this, there are also a reduced amount of restrictive credit guidelines implemented. Many of the so called government relief loan refinancing programs in the last several years have fallen short of honestly aiding home owners to refinance their home mortgage to a lower rate of interest. The present version of the HARP mortgage program (2.0) offers the help many St. Augustine Beach, FL property owners have needed for way too long. Despite who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 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 discussed but it is not known what the eventual program will offer 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 home owners an average of $250 a month on monthly payments, that could add up to $35-70 billion in savings annually.
HARP 3 MYREFI (Planned Possible Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application only takes a moment without any personal details ever required. You can also call 800-871-2636 7 days a week.
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