The Home Affordable Refinance Program (HARP) loan allows for a great number of home owners in Charlotte County to refinance their under water homes when it was previously unattainable. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently assist in your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and initiated in 2009, enables many home owners who had been previously unable to get refinancing for their mortgage loan. As a consequence of common decreases in the economy and home value decline, homeowners were stuck spending money on more than they could afford on their homes. Among the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, eligible homeowners of Port Charlotte with HARP Refinancing could possibly get a smaller payment on their home and save lots of money in the long run.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because home loans with an LTV more than 80% are often unable to qualify for traditional loan refinancing options, the HARP program was important to enable as many people as possible to start saving money on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally gone through some alterations to allow for a lot more flexibility for approval. At this time, the HARP program made available is identified as HARP 2.0 and offers more flexible qualification conditions. Below is a breakdown of the history and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process provides sizeable relief for Port Charlotte home owners that did not refinance in the past due to falling home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most vital modification. It indicates no more limits on how much a homeowner currently owes on their mortgage verses how much money their home is currently worth! Port Charlotte homeowners upside down or under water with their mortgage loan will have some assistance. Also, there are less restrictive credit guidelines in place. Many of the so called government relief refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their home loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) provides the help many Port Charlotte property owners have deparately needed for way too long. No matter what who your current loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance provided that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The facts of the program are derived from what is increasingly being spoken about but it is unknown what the final program will offer or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save home-owners an average of $200 per month on the mortgage payments, that can add up to $35-70 billion in cost savings annually.
HARP 3.0 MYREFI (Planned Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a few minutes with no personal details ever required. You can also call 800-871-2636 7 days a week.
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