The Home Affordable Refinance Program (HARP) loan permits a large number of home-owners in Brevard County to refinance their under water homes where it was previously unachievable. If you are one of the numerous who are qualified for the newest HARP refinance program, FiveStarsMortgage.com can help you to quickly help you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Criteria, and Updates
The Making Home Affordable Program, which was created and initiated in late 2009, allows for many home owners who were previously struggling to get refinancing for their mortgage. Because of all round decreases throughout the market and home values, home owners were having problems having to pay more than they can afford on homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, qualified home owners of Titusville with HARP Refinancing can usually get a lower payment for their home loan and help save thousands of dollars over the years.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because mortgage loans that have an LTV more than 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was necessary to let as many people as possible to start saving money on their mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been subject to some modifications to allow for added flexibility for acceptance. At this time, the HARP program available is known as HARP 2.0 and gives more flexible qualification standards. This is a breakdown of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan process provides substantial relief for Titusville home owners that did not refinance their home in the past attributable to reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most important change. It indicates no more limits on how much money a home owner currently owes on their home vs. how much money their property is currently worth. Titusville home-owners upside-down or under water on their mortgage can have some assistance. On top of that, there are also less restricted credit guidelines implemented. Many of the other government backed refinance programs in the last several years have fallen short of truly aiding home-owners to refinance their mortgage to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) offers the relief many Titusville homeowners have needed for way too long. Regardless of who your current loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you on condition that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The details of the program are derived from what is currently being outlined but it is unknown what the finished program will offer you or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $400 a month on payments, which might add to $35-70 billion in savings annually.
HARP 3.0 My Refi (Planned Potential Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a minute and no personal details 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?