The Home Affordable Refinance Program (HARP) loan allows for a great number of homeowners in Martin County to refinance their under water homes when it was previously unachievable. If you are among the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently assist with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Criteria, and Features
The Making Home Affordable Program, which was created and started in 2009, lets numerous home owners who had been previously unable to refinance their mortgage. As a consequence of complete decreases in the economy and property values, home owners were stuck having to pay more than they could afford on homes. Among the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, approved residents of Stuart with HARP Refinancing can get a reduced payment for their home loan and save yourself lots of money over the long haul.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgage loans that have an LTV in excess of 80% are often not able to qualify for traditional refinancing options, the HARP program was essential to allow as many people as possible to begin spending less on their monthly payments. As borrowers demands have changed since the program was implemented, the HARP program has also gone through quite a few modifications to permit extra flexibility for approval. At present, the HARP program sold is identified as HARP 2.0 and offers more flexible qualification prerequisites. This is a breakdown of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process offers essential assistance for Stuart home owners that did not refinance 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 loan to value, which is the most important alteration. This simply means no more limits on how much money a homeowner owes on their home verses how much their property is currently worth. Florida home owners upside down or underwater on their mortgage will have some relief. Moreover, there are less restricted credit guidelines set up. Most of the so called government home refinance programs in the last several years have fallen short of truly supporting home-owners to refinance their home mortgage to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) offers the help many Stuart homeowners have needed for way too long. Irrespective of who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to assist so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The facts of the program derive from what is increasingly being discussed but it is not known what the ultimate program will offer or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $250 a month on their payments, which could add to $35-70 billion in savings each and every year.
HARP 3.0 MYREFI (Proposed Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a moment 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 currently have a conventional mortgage loan?