The Home Affordable Refinance Program (HARP) loan allows a large number of homeowners in Manatee County to re-finance their underwater homes where it was previously unattainable. If you are among the numerous who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com will help you to efficiently help you 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 Background, Plan Prerequisites, and Features
The Making Home Affordable Program, first created and initiated in late 2009, allows many home owners who had been previously struggling to refinance their home loan. Because of the complete declines throughout the market and home value decline, homeowners were having difficulty paying more than they could afford on their homes. Amongst the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, approved home owners of Palmetto with HARP Refinancing could possibly get a lesser payment for their home loan and save yourself a lot of money over the long haul.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgages with an LTV in excess of 80% are often unable to qualify for conventional mortgage refinancing options, the HARP program was important to let as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been subject to a number of alterations to permit much more flexibility for approval. At present, the HARP program available is known as HARP 2.0 and gives more flexible qualification prerequisites. This is the summary of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program provides considerable relief for Palmetto home owners that could not refinance their home in the past because of decreasing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most essential change. This means no more limits on how much a home owner currently owes on their mortgage verses how much money their house is currently worth! Palmetto homeowners upside down or underwater with their home loan can get some relief. The best part is, there are also a reduced amount of restrictive credit regulations set up. Most of the other government relief loan refinancing programs in the last several years have fallen short of honestly assisting homeowners to refinance their home mortgage to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) provides the relief many Palmetto home-owners have needed for such a long time. Regardless of who your loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to provide assistance as long as your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are based upon what is currently being discussed but it is not known what the finished program can provide 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 $400 a month on monthly payments, that may add up to $35-70 billion in reductions every year.
HARP 3.0 MYREFI (Suggested Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a moment with zero personal information ever required. You can also call 800-871-2636 7 days a week.
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