The Home Affordable Refinance Program (HARP) loan helps a large number of home owners in Pinellas County to refinance their underwater homes where it was previously impossible. If you are among the numerous who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to quickly help you in 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 Historical Background, Plan Prerequisites, and Updates
The Making Home Affordable Program, first created and initiated in 2009, allows many homeowners who had been previously struggling to refinance their home loan. Resulting from general declines throughout the market and property value decline, homeowners were bogged down spending money on more than they could afford on homes. Among the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing approach, qualified home owners of St. Petersburg, FL with HARP Refinancing could possibly get a more affordable payment on their mortgage and help you save a lot of money over time.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because home mortgages with an LTV of over 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was important to permit as many people as possible to begin spending less on their monthly payments. As credit seekers needs have changed since the program began, the HARP program has also undergone a number of alterations to enable added flexibility for acceptance. At this time, the HARP program provided is labeled HARP 2.0 and provides more flexible qualification guidelines. This is the review of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program is providing considerable relief for St. Petersburg home owners that did not refinance their home in the past caused by decreasing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most vital change. This indicates no more limits on how much a homeowner currently owes on their mortgage loan vs. how much their house is currently worth! Florida home owners upside-down or under water with their home loan will have some assistance. In addition, there are also less restrictive credit regulations in place. Most of the so called government backed loan refinancing programs in the last several years have fallen short of actually supporting home owners to refinance their home mortgage to a lower interest rate. The latest variation of the HARP mortgage program (2.0) offers the help many St. Petersburg home owners have needed for too long. No matter what who your actual loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help on condition that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The facts of the program are based on what is increasingly being discussed but it is not known what the ultimate program will offer you or if it will even pass. The federal government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $200 per month on payments, that would total $35-70 billion in savings annually.
HARP 3 My Refi (Projected Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a few minutes and no personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage?