The Home Affordable Refinance Program (HARP) loan allows a large number of homeowners in Brevard County to refinance their underwater homes when it was previously impossible. If you are one of the numerous who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently help you in your 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 Criteria, and Enhancements
The Making Home Affordable Program, which was created and launched in late 2009, helps many home owners who were previously unable to refinance their home loan. Simply because of overall declines throughout the market and home value decline, homeowners were having difficulty having to pay more than they could afford on homes. Among the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, qualified homeowners of Merritt Island, FL with HARP Refinancing could possibly get a more affordable payment for their home and help save thousands of dollars in the long term.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on the mortgage. Because home mortgages that have an LTV of more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was necessary to allow as many people as possible to start spending less on their monthly mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has also been subject to quite a few adjustments permitting added flexibility for acceptance. Currently, the HARP program made available is identified as HARP 2.0 and offers more flexible qualification requirements. Here is a review of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives essential relief for Merritt Island home owners that did not refinance their home in the past on account of falling house 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 vital change. Meaning no more restrictions on how much money a home owner owes on their mortgage verses how much their property is currently worth. Merritt Island, FL homeowners upside-down or underwater in their mortgage loan can have some relief. The best part is, there are also a reduced amount of restricted credit guidelines in place. Many of the so called government relief refinance loan programs in the past have fallen short of actually aiding homeowners to refinance their home mortgage to a lower rate of interest. The present edition of the HARP mortgage program (2.0) provides the help many Merritt Island home-owners have deparately needed for such a long time. No matter what who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help so long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The important points of the program are based upon what is increasingly being spoken about but it is unknown what the ultimate program will provide or if it will even pass through Government red tape. The government has assumed that it would most likely help over 20 million borrowers and save homeowners an average of $400 a month on their mortgage payments, that may total $35-70 billion in financial benefits every year.
HARP 3.0 MYREFI (Projected 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 without any personal data required. You can also call 800-871-2636 7 days a week.
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