The Home Affordable Refinance Program (HARP) loan allows for many homeowners in Pinellas County to refinance their under water homes when it was previously unachievable. If you are one of many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently assist with your mortgage 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 Requirements, and Changes
The Making Home Affordable Program, which was created and initiated in 2009, allows a great number of homeowners who were previously unable to refinance their mortgage loan. Attributed to existing declines throughout the market and home values, home owners were stuck having to pay more than they can afford on homes. One of the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing approach, qualified residents of Redington Shores, FL with HARP Refinancing could get a smaller payment for their mortgage and help you save lots of money in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because mortgage loans with an LTV more than 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was necessary to allow for as many people as possible to start spending less on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been subject to some adjustments permitting greater flexibility for approval. At this time, the HARP program available is named HARP 2.0 and gives more flexible qualification conditions. Below is a summary of the background and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides essential relief for Redington Shores, FL home owners that did not refinance their home in the past resulting from dropping home values. The newest 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 critical change. This suggests no more restrictions on how much a home owner owes on their mortgage loan vs. how much their property is currently worth! Redington Shores, FL homeowners upside down or underwater in their home loan can have some relief. Also, there are also fewer restricted credit guidelines installed. Most of the so called government backed refinance loan programs in the past have fallen short of actually aiding home owners to refinance their home loan to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) provides the relief many Redington Shores home owners have needed for so long. It does not matter who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can provide assistance so long as your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are based on what is currently being discussed but it is unknown what the eventual program will offer you or if it will even have the chance of passing. The government has assumed that it would likely help over 30 million borrowers and save home owners an average of $200 per month on the payments, which might add up to $35-70 billion in financial benefits annually.
HARP 3 MYREFI (Proposed Potential Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes one minute and no personal details required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?