The Home Affordable Refinance Program (HARP) loan will allow countless home-owners in Bay County to refinance their underwater homes when it was previously impossible. If you are among the numerous who qualify for the latest HARP refinance program, FiveStarsMortgage.com can assist you to easily help out with the mortgage. 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 Updates
The Making Home Affordable Program, first created and launched in 2009, enables a large number of home owners who had been previously struggling to refinance their mortgage loan. Due to all around declines throughout the market and home values, home owners were trapped paying more than they can afford on their homes. Amongst the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing approach, qualified home owners of Mexico Beach, FL with HARP Refinancing can get a cheaper payment on their mortgage loan and help you save lots of money over the long haul.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on their mortgage loan. Because home mortgages that have an LTV in excess of 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was important to let as many people as possible to begin saving money on their payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been through some variations permitting a lot more flexibility for acceptance. Currently, the HARP program being offered is often called HARP 2.0 and gives more flexible qualification standards. Below is a summary of the background and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program offers substantial relief for Mexico Beach, FL home owners that did not refinance in the past as a consequence of decreasing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most significant change. It indicates no more limits on how much a home owner currently owes on their mortgage verses how much their home is currently worth. Mexico Beach homeowners upside-down or under water in their mortgage loan will now have some assistance. In addition, there are less restrictive credit regulations installed. Many of the other government backed loan refinancing programs in the past have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the help many Mexico Beach homeowners have deparately needed for way too long. Irrespective of who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help so long as your mortgage loan is currently 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 derived from what is currently being spoken about but it is unknown what the ultimate program will offer or if it will even pass. The federal government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $300 a month on the mortgage payments, that would total $35-70 billion in savings yearly.
HARP 3.0 MYREFI (Planned Possible Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes a minute with no personal data ever required. You can also call 800-871-2636 7 days a week.
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