The Home Affordable Refinance Program (HARP) loan permits countless home owners in Pinellas County to refinance their under water homes when it was previously unachievable. If you are one of the many who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to easily help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Requirements, and Updates
The Making Home Affordable Program, which was created and launched in 2009, enables numerous home owners who had been previously helpless to get refinancing for their home loan. Attributed to overall declines in the economy and property values, home owners were trapped spending money on more than they can afford on homes. Amongst the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, qualified homeowners of Seminole, FL with HARP Refinancing could possibly get a more affordable payment for their home and save yourself lots of money in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home mortgages with an LTV more than 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their payments. As borrowers demands have changed since the program was implemented, the HARP program has also been subject to quite a few alterations permitting much more flexibility for acceptance. Right now, the HARP program made available is referred to as HARP 2.0 and offers more flexible qualification standards. This is a review of the background and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers major relief for Seminole home owners that could not refinance their home in the past attributable to decreasing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most essential modification. What this means is no more restrictions on how much money a home owner owes on their mortgage vs. how much their property is currently worth. Seminole, FL home owners upside-down or under water on their mortgage will have some help. The best part is, there are also a lot less restricted credit regulations in place. Most of the other government relief refinance loan programs in the past have fallen short of actually helping home owners to refinance their mortgage to a lower rate of interest. The present variation of the HARP mortgage program (2.0) offers the help many Seminole, FL home owners have needed for such a long time. Regardless of who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to provide assistance so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The important points of the program derive from what is increasingly being spoken about but it is not known what the ultimate program will provide or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $350 a month on their mortgage payments, that could add up to $35-70 billion in financial benefits annually.
HARP 3.0 MYREFI (Proposed Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a moment with no personal details required. You can also call 800-871-2636 7 days a week.
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