The Home Affordable Refinance Program (HARP) loan enables countless home-owners in Lee County to re-finance their underwater homes when it was previously not possible. If you are one of the numerous who are qualified for the new HARP refinance program, FiveStarsMortgage.com will help you to efficiently assist with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Updates
The Making Home Affordable Program, first created and started in 2009, allows numerous homeowners who had been previously helpless to refinance their home loan. Because of total decreases in the economy and property value decline, homeowners were having problems having to pay more than they could afford on their homes. Amongst the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, qualified residents of Cape Coral, FL with HARP Refinancing may get a lesser payment on their mortgage loan and save lots of money over time.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because home mortgages with an LTV of more than 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was necessary to allow for 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 a number of adjustments to enable greater flexibility for acceptance. At present, the HARP program provided is referred to as HARP 2.0 and gives more flexible qualification requirements. Here is a breakdown of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program gives considerable assistance for Cape Coral home owners that did not refinance in the past due to shrinking home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most essential alteration. What this means is no more limitations on how much a homeowner owes on their mortgage verses how much money their property is currently worth. Cape Coral, FL homeowners upside down or under water in their mortgage will get some relief. In addition, there are fewer restrictive credit guidelines set up. Many of the so called government refinance loan programs in the past have fallen short of truly aiding homeowners to refinance their mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) provides the help many Cape Coral, FL property owners have needed for so long. It does not matter who your loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance as long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are based upon what is currently being outlined but it is not known what the ultimate program will offer you 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 $400 a month on the payments, that can add up to $35-70 billion in savings each and every year.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance home loan application form 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 few minutes with no personal data 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?