The Home Affordable Refinance Program (HARP) loan lets many homeowners in Dixie County to re-finance their under water homes where it was previously unachievable. If you are one of the several who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can help you to quickly help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Enhancements
The Making Home Affordable Program, first created and initiated in 2009, enables a great number of homeowners who had been previously struggling to get refinancing for their mortgage loan. Caused by complete declines throughout the market and home values, home owners were having problems spending more than they could afford on homes. Among the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, eligible home owners of Cross City with HARP Refinancing could possibly get a reduced payment for their mortgage and save yourself lots of money over time.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because mortgages that have an LTV more than 80% are often unable to qualify for traditional loan refinancing options, the HARP program was necessary to allow as many people as possible to start lowering costs on their payments. As credit seekers needs have changed since the program began, the HARP program has also been through some alterations permitting added flexibility for acceptance. Currently, the HARP program made available is identified as HARP 2.0 and offers more flexible qualification standards. Below is a review of the history and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives considerable assistance for Cross City, FL home owners that did not refinance their home in the past as a result of falling house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most significant modification. This suggests no more restrictions on how much money a home owner owes on their mortgage loan verses how much their home is currently worth! Cross City, FL home-owners upside down or under water with their mortgage will now get some assistance. In addition, there are less restricted credit regulations implemented. Many of the other government home refinance programs in the last several years have fallen short of actually helping homeowners to refinance their home mortgage to a lower rate of interest. The present version of the HARP mortgage program (2.0) provides the help many Cross City home owners have deparately needed for too long. Irrespective of who your current loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help on condition that your 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 details of the program are derived from what is increasingly being spoken about but it is not known what the final program will provide or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 30 million borrowers and save families an average of $250 per month on the mortgage payments, that can total $35-70 billion in cost savings annually.
HARP 3 My Refi (Projected Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a minute with no personal data required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage?