The Home Affordable Refinance Program (HARP) loan would allow countless home-owners in Duval County to re-finance their under water homes where it was previously not possible. If you are one of many who qualify for the new HARP home refinance program, FiveStarsMortgage.com can assist you to easily assist 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 Guidelines, and Information
The Making Home Affordable Program, first created and launched in late 2009, allows for a great number of home owners who were previously unable to get refinancing for their mortgage. Because of the common decreases throughout the market and property values, home owners were having difficulty paying more than they can afford on homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, eligible residents of Jacksonville with HARP Refinancing can usually get a lesser payment on their home and help you save thousands of dollars in the long term.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because mortgage loans that have an LTV of over 80% are often not in a position to qualify for common refinancing options, the HARP program was necessary to allow for as many people as possible to start lowering costs on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also undergone some changes to allow additional flexibility for acceptance. Currently, the HARP program available is often called HARP 2.0 and gives more flexible qualification conditions. Here is a summary of the background and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program is providing significant assistance for Jacksonville home owners that were not able to refinance in the past because of shrinking house 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 essential adjustment. This means no more limitations on how much money a home owner currently owes on their home loan verses how much their property is currently worth! Florida home owners upside-down or underwater with their home loan can have some help. In addition to this, there are also a reduced amount of restrictive credit guidelines installed. Many of the other government backed refinance programs in the past have fallen short of honestly aiding home-owners to refinance their mortgage to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) offers the help many Jacksonville, FL home-owners have needed for such a long time. Whatever who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist on condition that your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The specifics of the program are based on what is increasingly being reviewed but it is not known what the final program may offer or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save homeowners an average of $250 per month on the payments, that may add up to $35-70 billion in financial benefits each and every year.
HARP 3 MYREFI (Suggested Possible Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a few minutes with zero personal info required. You can also call 800-871-2636 7 days a week.
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