The Home Affordable Refinance Program (HARP) loan would allow many home-owners in Calhoun County to re-finance their underwater homes when it was previously out of the question. If you are one of the several who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help 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, Eligibility Prerequisites, and Features
The Making Home Affordable Program, first created and initiated in late 2009, lets a large number of homeowners who had been previously struggling to refinance their mortgage. Attributed to total declines throughout the market and property value decline, home owners were stuck paying more than they could afford on their homes. Amongst the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, qualified residents of Altha, FL with HARP Refinancing can usually get a lesser payment for their mortgage and save yourself thousands of dollars over the years.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because mortgages with an LTV of over 80% are often not able to qualify for standard loan refinancing options, the HARP program was necessary to permit as many people as possible to start lowering costs on their monthly payments. As credit seekers expectations have changed since the program began, the HARP program has also gone through some changes to permit much more flexibility for approval. At this time, the HARP program made available is known as HARP 2.0 and offers more flexible qualification guidelines. Here is a review of the historical past and progression of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process offers serious assistance for Altha, FL home owners that did not refinance in the past resulting from decreasing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most vital change. This suggests no more limitations on how much money a homeowner owes on their home vs. how much money their home is currently worth! Altha homeowners upside down or under water with their mortgage loan will now get some help. Moreover, there are fewer restricted credit regulations installed. Most of the so called government backed refinance loan programs in the past have fallen short of truly helping homeowners to refinance their home loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the help many Altha home-owners have deparately needed for too 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 home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The specifics of the program are based on what is increasingly being outlined but it is not known what the ultimate program will provide or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $350 per month on their payments, that may add to $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Proposed Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a few minutes with no personal information required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?