The Home Affordable Refinance Program (HARP) loan allows a large number of home-owners in Martin County to re-finance their under water homes when it was previously unachievable. If you are one of the many who are qualified for the newest HARP refinance program, FiveStarsMortgage.com can assist you to swiftly assist with 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 Qualifications, Plan Prerequisites, and Enhancements
The Making Home Affordable Program, first created and started in 2009, allows for a great number of home owners who had been previously helpless to get refinancing for their mortgage loan. By reason of overall declines throughout the market and property values, home owners were cornered spending money on more than they could afford on their homes. One of the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, qualified residents of Sewall’s Point, FL with HARP Refinancing can get a lesser payment on their mortgage loan and help you save thousands of dollars in the long term.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because home loans with an LTV in excess of 80% are often unable to qualify for common refinancing options, the HARP program was important to enable as many people as possible to start spending less on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally undergone some variations to permit increased flexibility for acceptance. At this time, the HARP program available is named HARP 2.0 and offers more flexible qualification prerequisites. This is the breakdown of the historical past and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process offers serious assistance for Sewall’s Point, FL home owners that did not refinance in the past on account of falling house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most significant adjustment. Meaning no more limits on how much a home owner owes on their mortgage loan vs. how much money their property is currently worth! Florida home-owners upside-down or under water with their mortgage loan will get some help. In addition, there are also fewer restrictive credit guidelines in place. Most of the other government backed home refinance programs in the last several years have fallen short of honestly supporting homeowners to refinance their mortgage loan to a lower interest rate. The present variation of the HARP mortgage program (2.0) offers the help many Sewall’s Point, FL home owners have needed for so long. It does not matter who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist so long as your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The main points of the program are derived from what is increasingly being reviewed but it is unknown what the eventual program can provide or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $250 a month on mortgage payments, which might total $35-70 billion in reductions every year.
HARP 3.0 MYREFI (Projected Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form 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 presently have a traditional mortgage loan?