The Home Affordable Refinance Program (HARP) loan helps a large number of home-owners in Brevard County to refinance their underwater homes when it was previously not possible. If you are one of the numerous who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to easily help you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Requirements, and Features
The Making Home Affordable Program, which was created and started in 2009, allows for a great number of home owners who had been previously struggling to refinance their mortgage loan. Mainly because of basic declines in the economy and home values, home owners were having trouble having to pay more than they could afford on their homes. One of the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, eligible homeowners of Indian Harbour Beach with HARP Refinancing may get a lower payment for their home loan and help you save lots of money in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because mortgages that have an LTV in excess of 80% are often unable to qualify for standard refinancing options, the HARP program was important to allow as many people as possible to begin spending less on their payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally been through some modifications to enable extra flexibility for approval. At this time, the HARP program made available is called HARP 2.0 and offers more flexible qualification standards. Below is a summary of the historical past and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process offers major relief for Indian Harbour Beach home owners that did not refinance in the past stemming from reducing home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most critical adjustment. This simply means no more limitations on how much a home owner currently owes on their mortgage vs. how much money their house is currently worth! Florida home owners upside down or under water on their home loan will now have some assistance. Also, there are less restrictive credit guidelines installed. Many of the so called government loan refinancing programs in the last several years have fallen short of truly supporting home-owners to refinance their home loan to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) provides the relief many Indian Harbour Beach, FL property owners have deparately needed for so long. Whatever who your current loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help providing your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The facts of the program derive from what is currently being outlined but it is not known what the eventual program may offer or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $300 per month on the payments, that could total $35-70 billion in savings each year.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a moment with no personal information required. You can also call 800-871-2636 7 days a week.
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