The Home Affordable Refinance Program (HARP) loan enables a large number of homeowners in Brevard County to refinance their underwater homes when it was previously unachievable. If you are among the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to efficiently help you with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Prerequisites, and Changes
The Making Home Affordable Program, first created and started in late 2009, lets many homeowners who had been previously unable to refinance their mortgage. Mainly because of common declines in the economy and property value decline, home owners were having trouble having to pay more than they could afford on their homes. Amongst the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, approved homeowners of Malabar, FL with HARP Refinancing can usually get a lower payment on their home and save lots of money in the long run.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because home loans with an LTV of over 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was needed to allow as many people as possible to begin spending less on their monthly payments. As credit seekers expectations have changed since the program began, the HARP program has additionally gone through a number of modifications to enable extra flexibility for approval. Currently, the HARP program made available is named HARP 2.0 and offers more flexible qualification conditions. Here is a summary of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program gives substantial relief for Malabar, FL home owners that were not able to refinance their home in the past resulting from reducing 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 LTV, which is the most significant modification. Therefore no more limits on how much money a homeowner owes on their home loan vs. how much money their house is currently worth! Malabar, FL home owners upside down or under water in their mortgage can get some relief. Moreover, there are fewer restrictive credit guidelines set up. Many of the so called government refinance loan programs in the last several years have fallen short of honestly aiding homeowners to refinance their mortgage to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) offers the relief many Malabar, FL homeowners have deparately needed for too long. Whatever who your current loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist provided that your 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 speculation. The details of the program are derived from what is increasingly being outlined but it is not known what the finalized program may offer or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save home-owners an average of $250 a month on their monthly payments, which might total $35-70 billion in cost savings yearly.
HARP 3.0 My Refi (Planned Possible Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a few minutes and no personal info required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?