The Home Affordable Refinance Program (HARP) loan makes it possible for many home owners in Brevard County to re-finance their underwater homes when it was previously unattainable. If you are one of the several who qualify for the new HARP home refinance program, FiveStarsMortgage.com will help you to efficiently be of assistance to you with your 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 Prerequisites, and Enhancements
The Making Home Affordable Program, first created and launched in late 2009, lets numerous home owners who had been previously struggling to refinance their mortgage. Because of overall declines throughout the market and property values, home owners were stuck having to pay more than they can afford on their homes. Among the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing program, eligible homeowners of Melbourne Village with HARP Refinancing could get a more affordable payment on their mortgage loan and save yourself a lot of money over the long haul.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio of more than 80% on the home loan. Because mortgage loans that have an LTV of over 80% are often unable to qualify for traditional loan refinancing options, the HARP program was needed to permit as many people as possible to start saving money on their monthly payments. As credit seekers expectations have changed since the program began, the HARP program has additionally undergone a number of changes to permit greater flexibility for acceptance. Currently, the HARP program offered is called HARP 2.0 and offers more flexible qualification specifications. This is a review of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process provides critical relief for Melbourne Village home owners that were not able to refinance their home in the past attributable to falling house values. The new 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 essential alteration. It indicates no more restrictions on how much a homeowner currently owes on their mortgage verses how much their property is currently worth. Melbourne Village home owners upside-down or under water with their mortgage loan will get some help. Also, there are also a lot less restrictive credit guidelines installed. Most of the other government backed loan refinancing programs in the last several years have fallen short of actually aiding homeowners to refinance their home mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) offers the help many Melbourne Village, FL property owners have deparately needed for way too long. Whatever who your current loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance as long as your home 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 derived from what is increasingly being spoken about but it is not known what the finalized program will provide or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $350 a month on their monthly mortgage payments, which might add up to $35-70 billion in cost savings annually.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a few minutes with no personal info ever required. You can also call 800-871-2636 7 days a week.
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