The Home Affordable Refinance Program (HARP) loan enables a large number of home owners in St. Johns County to re-finance their under water homes where it was previously impossible. If you are among the numerous who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly help you 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 Qualifications, Plan Guidelines, and Information
The Making Home Affordable Program, which was created and started in late 2009, helps a large number of home owners who had been previously helpless to refinance their home loan. Mainly because of total declines throughout the market and property value decline, home owners were bogged down paying more than they could afford on their homes. Amongst the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, eligible residents of St. Augustine with HARP Refinancing could get a decreased payment on their mortgage loan and save yourself lots of money in the long run.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because home mortgages that have an LTV more than 80% are often not in a position to qualify for standard mortgage refinancing options, the HARP program was important to let as many people as possible to start lowering costs on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally been subject to a number of alterations to enable significantly more flexibility for acceptance. Presently, the HARP program provided is identified as HARP 2.0 and gives more flexible qualification requirements. Here is a review of the history and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program is providing essential assistance for St. Augustine home owners that could not refinance in the past due to shrinking home 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 prominent adjustment. This simply means no more limits on how much a home owner owes on their mortgage loan vs. how much their house is currently worth. St. Augustine, FL home owners upside-down or underwater in their home loan will now have some help. The best part is, there are also fewer restrictive credit guidelines implemented. Many of the other government refinance programs in the last several years have fallen short of actually assisting home owners 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 St. Augustine, FL homeowners have deparately needed for so long. Regardless of who your actual loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance providing your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program are derived from what is increasingly being outlined but it is not known what the finished program will offer or if it will even pass through Government red tape. The government has assumed that it would probably help over 20 million borrowers and save home owners an average of $250 per month on the monthly payments, which could add up to $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Projected Potential Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes one minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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