The Home Affordable Refinance Program (HARP) loan would allow a great number of home-owners in Brevard County to refinance their underwater homes when it was previously impossible. If you are one of the several who are qualified for the newest HARP refinance program, FiveStarsMortgage.com can help you to efficiently assist with the 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, Plan Guidelines, and Updates
The Making Home Affordable Program, first created and launched in 2009, helps a large number of homeowners who were previously unable to get refinancing for their home loan. Being a result of all around declines in the economy and property values, home owners were having difficulty spending more than they can afford on their homes. One of the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, qualified home owners of Palm Bay, FL with HARP Refinancing may get a decreased payment on their mortgage and help save lots of money over the years.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of more than 80% on the home loan. Because home mortgages that have an LTV of more than 80% are often not able to qualify for common refinancing options, the HARP program was necessary to allow as many people as possible to begin lowering costs on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has also gone through quite a few modifications to permit far more flexibility for acceptance. Right now, the HARP program provided is called HARP 2.0 and provides more flexible qualification prerequisites. This is a summary of the background and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program can give sizeable assistance for Palm Bay, FL home owners that could not refinance in the past as a consequence of dropping 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 important modification. Meaning no more limitations on how much money a homeowner owes on their home loan vs. how much money their house is currently worth! Palm Bay, FL homeowners upside-down or under water on their mortgage loan can get some assistance. On top of that, there are less restrictive credit guidelines in place. Most of the other government backed home refinance programs in the last several years have fallen short of actually supporting home-owners to refinance their home mortgage to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the relief many Palm Bay property owners have deparately needed for too long. Irrespective of who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist provided that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The specifics of the program derive from what is currently being spoken about but it is not known what the eventual program will provide or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $250 per month on monthly payments, which might add up to $35-70 billion in cost savings each year.
HARP 3.0 My Refi (Suggested Potential 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 loan eligibility. The fast application form only takes one minute with zero personal information required. You can also call 800-871-2636 7 days a week.
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