The Home Affordable Refinance Program (HARP) loan will permit a large number of home owners in Pasco County to refinance their underwater homes where it was previously not possible. If you are one of the many who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can assist you to easily help out with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Guidelines, and Features
The Making Home Affordable Program, which was created and initiated in 2009, allows a great number of home owners who were previously unable to refinance their home loan. Due to the common decreases in the economy and home value decline, homeowners were trapped spending more than they can afford on their homes. One of the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing program, eligible residents of Dade City with HARP Refinancing can usually get a reduced payment for their mortgage and save yourself lots of money in the long term.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgages with an LTV of over 80% are often unable to qualify for typical refinancing options, the HARP program was important to allow as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also been through quite a few adjustments to allow increased flexibility for acceptance. Right now, the HARP program being offered is labeled HARP 2.0 and provides more flexible qualification prerequisites. Here is a review of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program gives critical relief for Dade City home owners that were not able to refinance in the past stemming from shrinking home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most significant adjustment. This simply means no more limitations on how much money a home owner currently owes on their home loan vs. how much money their property is currently worth. Florida home-owners upside down or under water on their mortgage will now have some help. Also, there are a reduced amount of restricted credit guidelines set up. Most of the so called government relief refinance loan programs in the last several years have fallen short of actually supporting home-owners to refinance their home loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the relief many Dade City, FL home-owners have needed for such a long time. Regardless of who your existing loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance on condition that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program are based on what is currently being discussed but it is unknown what the finalized program will offer you or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 a month on their monthly mortgage payments, which might add to $35-70 billion in financial benefits every year.
HARP 3 MYREFI (Recommended Potential Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a minute and no personal information ever required. You can also call 800-871-2636 7 days a week.
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