The Home Affordable Refinance Program (HARP) loan allows for countless homeowners in Lee County to re-finance their under water homes when it was previously not possible. If you are one of the numerous who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly assist 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 Qualifications, Eligibility Requirements, and Features
The Making Home Affordable Program, which was created and started in 2009, allows for a large number of homeowners who were previously unable to get refinancing for their mortgage. Due to the complete decreases throughout the market and home value decline, homeowners were stuck spending money on more than they can afford on their homes. Amongst the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, approved homeowners of Bonita Springs, FL with HARP Refinancing could possibly get a lesser payment on their home loan and save yourself a lot of money over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because mortgages with an LTV in excess of 80% are often not able to qualify for common refinancing options, the HARP program was necessary to enable as many people as possible to start saving money on their mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been subject to quite a few modifications to enable increased flexibility for acceptance. Right now, the HARP program sold is identified as HARP 2.0 and provides more flexible qualification prerequisites. Below is a breakdown of the historical past and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process is providing substantial assistance for Bonita Springs, FL home owners that did not refinance their home in the past caused by falling house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most prominent modification. This means no more restrictions on how much a homeowner currently owes on their home loan vs. how much money their house is currently worth. Florida home-owners upside-down or under water on their mortgage will have some relief. On top of that, there are also fewer restricted credit guidelines set up. Many of the other government loan refinancing programs in the last several years have fallen short of actually aiding home-owners to refinance their mortgage to a lower rate of interest. The present version of the HARP mortgage program (2.0) offers the help many Bonita Springs home owners have deparately needed for too long. Whatever who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist on condition that your mortgage loan is presently 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 derive from what is increasingly being reviewed but it is not known what the finalized program can provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $300 per month on the monthly mortgage payments, which might add up to $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Projected Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP 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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