The Home Affordable Refinance Program (HARP) loan lets a large number of homeowners in Hillsborough County to re-finance their under water homes where it was previously out of the question. If you are one of many who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com can assist you to quickly assist 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 History, Plan Prerequisites, and Updates
The Making Home Affordable Program, which was created and started in 2009, enables a large number of homeowners who had been previously struggling to get refinancing for their mortgage loan. Simply because of existing declines in the economy and property value decline, home owners were cornered spending money on more than they could afford on their homes. Amongst the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, approved home owners of Dover, FL with HARP Refinancing could possibly get a smaller payment for their home loan and help save a lot of money over the years.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgage loans that have an LTV of over 80% are often not in a position to qualify for common loan refinancing options, the HARP program was essential to let as many people as possible to begin spending less on their monthly mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through some variations to enable additional flexibility for approval. Right now, the HARP program provided is known as HARP 2.0 and offers more flexible qualification requirements. This is a summary of the background and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program offers serious assistance for Dover, FL home owners that did not refinance their home in the past stemming from diminishing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most vital adjustment. This means no more limits on how much money a homeowner owes on their home vs. how much money their property is currently worth. Dover, FL home-owners upside down or under water with their home loan can have some help. The best part is, there are also fewer restricted credit guidelines installed. Many of the other government relief home refinance programs in the past have fallen short of actually aiding home-owners to refinance their home loan to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) offers the relief many Dover homeowners have deparately needed for way too long. Irrespective of who your actual loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to assist as long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based upon what is currently being spoken about but it is unknown what the finalized program will give you or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $200 a month on their monthly mortgage payments, that can total $35-70 billion in cost savings each and every year.
HARP 3.0 My Refi (Suggested Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a few minutes without any personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?