The Home Affordable Refinance Program (HARP) loan enables a large number of home owners in Pinellas County to refinance their underwater homes where it was previously out of the question. If you are one of the numerous who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly help out with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Guidelines, and Features
The Making Home Affordable Program, which was created and launched in late 2009, lets a great number of homeowners who were previously helpless to get refinancing for their mortgage. On account of general declines throughout the market and property values, homeowners were bogged down spending more than they can afford on homes. Among the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, approved home owners of Largo with HARP Refinancing could get a reduced payment on their home and help you save a lot of money over the years.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgages with an LTV of more than 80% are often not in a position to qualify for standard mortgage refinancing options, the HARP program was essential to allow as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been subject to quite a few improvements to allow for far more flexibility for approval. Presently, the HARP program being offered is labeled HARP 2.0 and gives more flexible qualification standards. This is a review of the background and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process is providing considerable assistance for Largo, FL home owners that were not able to refinance their home in the past on account of declining home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most critical alteration. This indicates no more restrictions on how much money a home owner currently owes on their home vs. how much money their house is currently worth. Largo home owners upside-down or underwater in their mortgage will get some relief. Moreover, there are less restrictive credit regulations implemented. Many of the so called government backed home refinance programs in the past have fallen short of honestly helping home owners to refinance their home loan to a lower rate of interest. The current edition of the HARP mortgage program (2.0) offers the help many Largo, FL home owners have deparately needed for so long. Whatever who your loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance so long as 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 hypothesis. The facts of the program are based upon what is currently being reviewed but it is not known what the ultimate program will offer or if it will even have the chance of passing. The government has assumed that it would probably help over 30 million borrowers and save families an average of $350 per month on payments, that could add up to $35-70 billion in reductions yearly.
HARP 3.0 MYREFI (Recommended Potential Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a few minutes and no personal info required. You can also call 800-871-2636 7 days a week.
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