The Home Affordable Refinance Program (HARP) loan helps a great number of home owners in Okaloosa County to re-finance their under water homes when it was previously not possible. If you are one of many who qualify for the new HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly help you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Criteria, and Updates
The Making Home Affordable Program, first created and initiated in late 2009, allows a large number of home owners who were previously helpless to refinance their mortgage loan. Stemming from total decreases throughout the market and property values, home owners were having trouble spending more than they could afford on their homes. Amongst the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, eligible home owners of Valparaiso, FL with HARP Refinancing can get a more affordable payment for their home and save yourself lots of money over time.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgage loans that have an LTV of over 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was important to permit as many people as possible to begin spending less on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally undergone quite a few variations to allow a bit more flexibility for approval. Presently, the HARP program offered is named HARP 2.0 and offers more flexible qualification specifications. This is the breakdown of the history and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process is providing major assistance for Valparaiso home owners that were not able to refinance their home in the past attributable to declining home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most prominent alteration. This means no more limitations on how much a home owner owes on their home loan vs. how much their home is currently worth. Valparaiso home-owners upside down or underwater with their mortgage loan will now have some assistance. In addition to this, there are less restricted credit guidelines set up. Many of the other government relief home refinance programs in the last several years have fallen short of truly helping home owners to refinance their home loan to a lower interest rate. The latest variation of the HARP mortgage program (2.0) offers the relief many Valparaiso property owners have deparately needed for too long. Regardless of who your existing loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance providing your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The facts of the program are based upon what is currently being discussed but it is not known what the final program may offer or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $300 per month on their mortgage payments, that could add up to $35-70 billion in cost savings each year.
HARP 3 My Refi (Suggested Possible 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 details ever required. You can also call 800-871-2636 7 days a week.
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