The Home Affordable Refinance Program (HARP) loan helps a great number of homeowners in Santa Rosa County to refinance their under water homes where it was previously impossible. If you are one of the several who are qualified for the newest HARP refinance program, FiveStarsMortgage.com can assist you to efficiently assist 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 History, Plan Criteria, and Changes
The Making Home Affordable Program, which was created and initiated in late 2009, allows for a large number of homeowners who were previously struggling to refinance their mortgage loan. Attributable to all round declines throughout the market and property value decline, home owners were bogged down having to pay more than they could afford on their homes. Among the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing approach, approved homeowners of Milton, FL with HARP Refinancing could get a smaller payment on their home loan and save yourself a lot of money in the long term.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because home mortgages that have an LTV more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was needed to let as many people as possible to start saving money on their payments. As borrowers demands have changed since the program began, the HARP program has additionally undergone quite a few improvements to allow for additional flexibility for acceptance. Presently, the HARP program sold is called HARP 2.0 and offers more flexible qualification prerequisites. This is the breakdown of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program offers substantial assistance for Milton, FL home owners that could not refinance their home in the past as a result of decreasing home 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 significant modification. Therefore no more restrictions on how much money a home owner currently owes on their mortgage vs. how much money their home is currently worth! Florida home owners upside down or under water in their mortgage can get some relief. In addition, there are also less restrictive credit guidelines implemented. Many of the so called government backed refinance programs in the past have fallen short of actually supporting homeowners to refinance their home loan to a lower rate of interest. The current rendition of the HARP mortgage program (2.0) offers the help many Milton home-owners have deparately needed for so long. Regardless of who your actual loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help on condition that your 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 are based on what is currently being discussed but it is unknown what the finished program will give you 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 monthly mortgage payments, that can add to $35-70 billion in financial benefits yearly.
HARP 3.0 MYREFI (Suggested Potential Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a moment with zero personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a traditional mortgage loan?