The Home Affordable Refinance Program (HARP) loan would allow a large number of home owners in Hillsborough County to re-finance their under water homes where it was previously not possible. If you are one of the numerous who qualify for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to easily assist in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Criteria, and Information
The Making Home Affordable Program, which was created and started in 2009, allows many home owners who were previously helpless to get refinancing for their mortgage loan. Being a result of existing decreases in the economy and property values, home owners were having trouble spending more than they could afford on their homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, eligible homeowners of Balm with HARP Refinancing may get a decreased payment for their home and save thousands of dollars in the long run.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because mortgages with an LTV more than 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was important to permit as many people as possible to begin lowering costs on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also undergone quite a few alterations to allow for greater flexibility for acceptance. Right now, the HARP program sold is often called HARP 2.0 and gives more flexible qualification guidelines. Here is a summary of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process can give major assistance for Balm home owners that were not able to refinance in the past because of reducing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most critical alteration. This simply means no more limits on how much a homeowner owes on their home loan verses how much their home is currently worth. Balm, FL home owners upside down or under water in their mortgage loan will get some assistance. On top of that, there are less restricted credit guidelines implemented. Most of the other government backed loan refinancing programs in the past have fallen short of truly aiding home owners to refinance their mortgage to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Balm, FL homeowners have deparately needed for so long. Whatever who your current loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help providing your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are derived from what is increasingly being spoken about but it is not known what the final program will offer or if it will even pass through Government red tape. The government has assumed that it would most likely help over 20 million borrowers and save families an average of $250 per month on their monthly payments, which could add up to $35-70 billion in financial benefits each and every year.
HARP 3.0 MYREFI (Suggested Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes a minute and no personal details required. You can also call 800-871-2636 7 days a week.
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