The Home Affordable Refinance Program (HARP) loan would allow many home owners in Putnam County to refinance their underwater homes where it was previously out of the question. If you are one of many who qualify for the newest HARP refinancing program, FiveStarsMortgage.com will help you to easily help out with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Updates
The Making Home Affordable Program, which was created and initiated in 2009, allows for a large number of homeowners who were previously struggling to get refinancing for their home loan. Resulting from total decreases in the economy and home values, homeowners were having difficulty spending money on more than they could afford on their homes. One of the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, eligible residents of Pompano Beach, FL with HARP Refinancing could possibly get a smaller payment on their mortgage loan and save yourself lots 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 of more than 80% on the mortgage. Because mortgages with an LTV more than 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was needed to let as many people as possible to begin lowering costs on their payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally undergone a number of changes to permit a lot more flexibility for acceptance. Right now, the HARP program made available is named HARP 2.0 and offers more flexible qualification conditions. This is a summary of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process provides significant relief for Pompano Beach home owners that could not refinance in the past due to reducing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most critical change. Therefore no more restrictions on how much money a homeowner currently owes on their mortgage loan vs. how much their property is currently worth! Pompano Beach, FL homeowners upside-down or under water on their home loan will have some assistance. In addition to this, there are also a lot less restricted credit guidelines in place. Many of the so called government backed refinance programs in the last several years have fallen short of truly helping homeowners to refinance their home mortgage to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the relief many Pompano Beach, FL home-owners have deparately needed for such a long time. It does not matter who your current loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance providing your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are based upon what is increasingly being reviewed but it is not known what the final program can provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 30 million borrowers and save families an average of $350 per month on payments, which might add up to $35-70 billion in savings yearly.
HARP 3.0 My Refi (Planned Potential Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes one minute and no personal data ever 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?