The Home Affordable Refinance Program (HARP) loan allows for a large number of homeowners in Santa Rosa County to re-finance their under water homes when it was previously out of the question. If you are among the many who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently assist in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, which was created and started in late 2009, enables many homeowners who were previously struggling to get refinancing for their home loan. As a consequence of existing declines in the economy and property value decline, home owners were trapped having to pay more than they could afford on their homes. One of the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, eligible residents of Navarre, FL with HARP Refinancing can usually get a lesser payment on their home and save a lot of money in the long run.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because home loans with an LTV of over 80% are often not in a position to qualify for common refinancing options, the HARP program was important to allow as many people as possible to start lowering costs on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally undergone quite a few variations permitting additional flexibility for approval. At present, the HARP program available is identified as HARP 2.0 and provides more flexible qualification conditions. Below is a breakdown of the history and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program is providing serious relief for Navarre, FL home owners that were not able to refinance in the past as a consequence of decreasing home values. The modern 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 essential adjustment. Meaning no more limitations on how much money a home owner owes on their mortgage loan verses how much their home is currently worth! Navarre, FL home-owners upside-down or under water with their mortgage will now have some assistance. In addition, there are less restrictive credit regulations installed. Many of the so called government backed home refinance programs in the past have fallen short of honestly assisting homeowners to refinance their home loan to a lower rate of interest. The current variation of the HARP mortgage program (2.0) offers the help many Navarre home-owners have needed for so long. Despite who your current loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you provided that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The facts of the program derive from what is currently being reviewed but it is not known what the finished program offers or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save families an average of $250 per month on the mortgage payments, which could add to $35-70 billion in reductions annually.
HARP 3.0 My Refi (Planned 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 minute with no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage loan?