The Home Affordable Refinance Program (HARP) loan allows for countless home-owners in Pinellas County to refinance their under water homes when it was previously unattainable. If you are one of many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com will help you to quickly assist with the loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Guidelines, and Features
The Making Home Affordable Program, first created and initiated in 2009, allows for many home owners who had been previously unable to refinance their mortgage loan. A result of all around decreases in the economy and property value decline, homeowners were cornered paying more than they could afford on homes. One of the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing program, approved home owners of St. Pete Beach, FL with HARP Refinancing can get a more affordable payment for their mortgage loan and save yourself thousands of dollars over the years.
The HARP program is for home owners 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 mortgages that have an LTV in excess of 80% are often not able to qualify for standard refinancing options, the HARP program was necessary to let as many people as possible to begin lowering costs on their monthly payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally been through a number of improvements to allow added flexibility for approval. Right now, the HARP program provided is called HARP 2.0 and provides more flexible qualification guidelines. This is a review of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides major assistance for St. Pete Beach, FL home owners that were not able to refinance in the past as a consequence of shrinking 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 modification. It indicates no more limitations on how much a homeowner owes on their mortgage vs. how much money their house is currently worth. St. Pete Beach home owners upside-down or underwater with their mortgage will have some help. In addition to this, there are less restrictive credit regulations implemented. Many of the other government backed loan refinancing programs in the last several years have fallen short of honestly aiding homeowners to refinance their mortgage to a lower rate of interest. The current edition of the HARP mortgage program (2.0) provides the relief many St. Pete Beach homeowners have needed for too long. It does not matter who your actual loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist providing your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The facts of the program derive from what is currently being spoken about but it is unknown what the eventual program offers or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $300 per month on the mortgage payments, which might add up to $35-70 billion in savings every year.
HARP 3 My Refi (Proposed Possible 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 loan eligibility. The short application form only takes a few minutes and no personal information required. You can also call 800-871-2636 7 days a week.
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