The Home Affordable Refinance Program (HARP) loan allows many home-owners in Volusia County to refinance their underwater homes where 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 easily help you with the mortgage 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 Features
The Making Home Affordable Program, which was created and initiated in late 2009, enables a great number of home owners who were previously helpless to get refinancing for their mortgage. As a consequence of existing declines in the economy and home values, home owners were having trouble spending money on more than they could afford on their homes. Amongst the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing process, eligible homeowners of Deltona with HARP Refinancing could possibly get a lesser payment for their mortgage loan and help save lots of money in the long term.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio in excess of 80% on the mortgage loan. Because home mortgages that have an LTV of more than 80% are often unable to qualify for conventional refinancing options, the HARP program was necessary to allow as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally undergone a number of variations permitting much more flexibility for approval. Right now, the HARP program made available is labeled HARP 2.0 and offers more flexible qualification prerequisites. This is a breakdown of the historical past and development of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process is providing essential assistance for Deltona, FL home owners that could not refinance in the past caused by falling home values. The newest 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 change. This simply means no more restrictions on how much a home owner currently owes on their mortgage vs. how much their property is currently worth! Florida homeowners upside down or under water on their mortgage loan will have some assistance. The best part is, there are fewer restrictive credit guidelines implemented. Many of the so called government home refinance programs in the past have fallen short of honestly aiding home owners to refinance their mortgage to a lower interest rate. The current version of the HARP mortgage program (2.0) provides the relief many Deltona, FL home owners have deparately needed for such a long time. Despite who your current loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist so long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program derive from what is currently being outlined but it is unknown what the finished program will offer or if it will even have the chance of passing. The government has assumed that it would likely help over 30 million borrowers and save families an average of $200 a month on their payments, that could add to $35-70 billion in reductions every year.
HARP 3 MYREFI (Recommended Potential Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a few minutes without any personal information required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?