The Home Affordable Refinance Program (HARP) loan will allow a large number of home-owners in Brevard County to re-finance their under water homes where it was previously unattainable. If you are among the numerous who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com will help you to easily assist in your home loan. 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 Prerequisites, and Changes
The Making Home Affordable Program, which was created and launched in 2009, helps numerous homeowners who were previously helpless to refinance their home loan. Through general decreases in the economy and property values, homeowners were cornered spending more than they can afford on their homes. Among the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, approved residents of Melbourne Beach with HARP Refinancing can usually get a lower payment on their mortgage loan and save yourself a lot of money in the long term.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because home loans that have an LTV more than 80% are often unable to qualify for standard loan refinancing options, the HARP program was necessary to let as many people as possible to start spending less on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has also gone through a number of adjustments to enable much more flexibility for acceptance. At present, the HARP program provided is identified as HARP 2.0 and provides more flexible qualification prerequisites. Below is a review of the background and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program gives significant assistance for Melbourne Beach, FL home owners that could not refinance in the past as a result of shrinking home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most important modification. This simply means no more limits on how much a homeowner currently owes on their mortgage loan vs. how much their house is currently worth. Melbourne Beach homeowners upside down or under water in their mortgage loan can have some help. Moreover, there are a reduced amount of restrictive credit regulations implemented. Most of the other government refinance programs in the last several years have fallen short of honestly aiding homeowners to refinance their mortgage to a lower rate of interest. The current variation of the HARP mortgage program (2.0) provides the relief many Melbourne Beach home owners have deparately needed for too long. No matter what who your current loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can provide assistance on condition that your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program derive from what is increasingly being reviewed but it is unknown what the finalized program will give you or if it will even pass through Government red tape. The government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $350 per month on monthly mortgage payments, that may total $35-70 billion in cost savings each and every year.
HARP 3 My Refi (Recommended Possible Future Program)
HARP refinance mortgage application form 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 without any personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?