The Home Affordable Refinance Program (HARP) loan would allow countless home-owners in Lake County to refinance their under water homes when it was previously unattainable. If you are one of the several who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to swiftly be of assistance to you with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Criteria, and Features
The Making Home Affordable Program, which was created and initiated in late 2009, lets a large number of homeowners who were previously unable to get refinancing for their home loan. By way of complete decreases throughout the market and home values, homeowners were having difficulty spending more than they can afford on homes. Among the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, eligible homeowners of Clemont, FL with HARP Refinancing can usually get a more affordable payment for their home and help you save a lot of money over the years.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because home mortgages that have an LTV of over 80% are often not able to qualify for typical loan refinancing options, the HARP program was important to allow for as many people as possible to start lowering costs on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has additionally gone through quite a few modifications to permit additional flexibility for approval. Currently, the HARP program being offered is labeled HARP 2.0 and provides more flexible qualification conditions. Below is a summary of the historical past and development of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process gives essential relief for Clemont, FL home owners that did not refinance 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 unrestricted LTV, which is the most critical change. Meaning no more limits on how much a home owner currently owes on their mortgage loan vs. how much money their house is currently worth! Florida home owners upside-down or under water on their home loan will get some assistance. Also, there are also less restricted credit guidelines installed. Many of the other government refinance loan programs in the past have fallen short of actually assisting home owners to refinance their home loan to a lower rate of interest. The present variation of the HARP mortgage program (2.0) offers the relief many Clemont, FL property owners have needed for so long. Irrespective of who your loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help provided that your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The main points of the program are derived from what is increasingly being outlined but it is unknown what the finalized program will offer you 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 $400 a month on their monthly mortgage payments, that would add up to $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Recommended Potential Future Program)
HARP refinance 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 and no personal details 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?