The Home Affordable Refinance Program (HARP) loan permits many home-owners in Polk County to refinance their underwater homes when it was previously out of the question. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com will help you to easily help out in your mortgage 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 Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, allows for numerous homeowners who were previously helpless to refinance their mortgage loan. Stemming from all round declines in the economy and property value decline, home owners were cornered having to pay more than they can afford on their homes. One of the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new refinancing approach, approved home owners of Davenport with HARP Refinancing may get a lesser payment for their home loan and help save a lot of money over the long haul.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because home mortgages with an LTV in excess of 80% are often unable to qualify for typical mortgage refinancing options, the HARP program was needed to enable as many people as possible to start spending less on their monthly payments. As borrowers demands have changed since the program began, the HARP program has additionally gone through some alterations permitting increased flexibility for approval. At this time, the HARP program offered is referred to as HARP 2.0 and gives more flexible qualification guidelines. Below is a breakdown of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process is providing considerable assistance for Davenport home owners that did not refinance their home in the past as a consequence of reducing home values. The latest 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 critical adjustment. Therefore no more restrictions on how much a home owner owes on their mortgage loan vs. how much money their property is currently worth! Davenport homeowners upside down or underwater in their mortgage loan will get some relief. In addition, there are also less restricted credit regulations implemented. Many of the other government relief refinance loan programs in the last several years have fallen short of honestly aiding home owners to refinance their mortgage loan to a lower rate of interest. The current version of the HARP mortgage program (2.0) offers the help many Davenport property owners have deparately needed for so long. No matter what who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance provided that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are derived from what is increasingly being reviewed but it is not known what the final program will offer you or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $250 a month on the mortgage payments, which could add up to $35-70 billion in cost savings yearly.
HARP 3 My Refi (Planned Possible Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes one minute with zero personal information ever required. You can also call 800-871-2636 7 days a week.
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