The Home Affordable Refinance Program (HARP) loan makes it possible for countless home-owners in Washington County to re-finance their underwater homes when it was previously unachievable. If you are one of the numerous who qualify for the newest HARP refinance program, FiveStarsMortgage.com can assist you to quickly help you with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, first created and started in late 2009, allows for a large number of homeowners who had been previously struggling to get refinancing for their mortgage. By reason of complete declines throughout the market and property value decline, homeowners were stuck paying more than they can afford on their homes. Amongst the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new loan refinancing program, approved home owners of Chipley with HARP Refinancing could get a lower payment on their mortgage loan and save lots of money in the long term.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because mortgage loans that have an LTV of over 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was needed to allow as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also gone through quite a few modifications permitting a lot more flexibility for acceptance. Currently, the HARP program provided is called HARP 2.0 and provides more flexible qualification conditions. Here is a review of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process gives major assistance for Chipley home owners that could not refinance their home in the past because of declining 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 loan to value, which is the most important alteration. Therefore no more restrictions on how much a homeowner currently owes on their mortgage loan verses how much money their house is currently worth. Chipley homeowners upside down or under water on their mortgage loan can have some relief. Also, there are a lot less restrictive credit guidelines installed. Most of the other government relief refinance programs in the last several years have fallen short of truly assisting homeowners to refinance their home loan to a lower rate of interest. The current edition of the HARP mortgage program (2.0) provides the relief many Chipley home-owners have needed for way too long. Regardless of who your existing loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to provide assistance providing your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The facts of the program derive from what is increasingly being discussed but it is unknown what the finalized program offers 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 $350 a month on the payments, which could add to $35-70 billion in reductions every year.
HARP 3 MYREFI (Recommended Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes one minute with no personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage?