The Home Affordable Refinance Program (HARP) loan will allow many home owners in Orange County to refinance their underwater homes when it was previously out of the question. If you are one of the several who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com will help you to efficiently help you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Enhancements
The Making Home Affordable Program, first created and started in 2009, helps a great number of home owners who were previously helpless to get refinancing for their mortgage. By reason of general decreases throughout the market and home value decline, homeowners were having trouble spending money on more than they could afford on homes. Among the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, qualified home owners of Bay Lake, FL with HARP Refinancing could get a reduced payment on their home and help save thousands of dollars in the long term.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because home loans that have an LTV in excess of 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was essential to allow as many people as possible to begin lowering costs on their payments. As credit seekers expectations have changed since the program began, the HARP program has also undergone quite a few changes to permit a bit more flexibility for approval. Currently, the HARP program available is named HARP 2.0 and provides more flexible qualification requirements. Here is a breakdown of the history and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan process provides substantial relief for Bay Lake home owners that were not able to refinance their home in the past due to reducing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most essential alteration. This simply means no more limitations on how much money a home owner currently owes on their home loan verses how much money their property is currently worth. Bay Lake homeowners upside down or underwater on their home loan can have some relief. In addition, there are also fewer restrictive credit regulations set up. Many of the so called government relief refinance loan programs in the last several years have fallen short of honestly supporting home owners to refinance their mortgage loan to a lower interest rate. The current edition of the HARP mortgage program (2.0) offers the relief many Bay Lake property owners have needed for too long. Irrespective of who your current loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help on condition that your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program derive from what is increasingly being outlined but it is unknown what the eventual program will offer or if it will even have the chance of passing. The government has assumed that it would most likely help over 20 million borrowers and save families an average of $200 a month on payments, that may total $35-70 billion in reductions every year.
HARP 3 My Refi (Projected Potential Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application only takes one minute with no personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a conventional mortgage loan?