The Home Affordable Refinance Program (HARP) loan will permit countless homeowners in Monroe County to re-finance their under water homes when it was previously unachievable. If you are one of the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly be of assistance to you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Guidelines, and Features
The Making Home Affordable Program, which was created and initiated in late 2009, lets numerous homeowners who were previously struggling to refinance their mortgage loan. As a result of general declines throughout the market and home value decline, homeowners were cornered having to pay more than they can afford on homes. Amongst the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, eligible residents of Marathon with HARP Refinancing can get a cheaper payment for their home loan and help you save lots of money in the long term.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgages that have an LTV more than 80% are often not able to qualify for conventional refinancing options, the HARP program was essential to allow as many people as possible to start spending less on their mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has also gone through some changes to enable increased flexibility for approval. Currently, the HARP program available is often called HARP 2.0 and gives more flexible qualification guidelines. Below is a review of the historical past and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program offers critical relief for Marathon, FL home owners that were not able to refinance in the past due to decreasing 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 prominent modification. Therefore no more restrictions on how much money a home owner owes on their home loan verses how much money their house is currently worth. Florida home owners upside down or underwater with their mortgage can have some help. In addition to this, there are a lot less restrictive credit guidelines in place. Many of the so called government refinance loan programs in the last several years have fallen short of truly helping homeowners to refinance their mortgage to a lower interest rate. The present edition of the HARP mortgage program (2.0) provides the relief many Marathon, FL home-owners have needed for so long. Irrespective of who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help you providing your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The facts of the program are derived from what is currently being outlined but it is unknown what the finalized program can provide or if it will even pass. The federal government has assumed that it would most likely help over 30 million borrowers and save home-owners an average of $400 a month on their payments, which could add up to $35-70 billion in reductions each year.
HARP 3 My Refi (Suggested Potential Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a minute and no personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?