The Home Affordable Refinance Program (HARP) loan allows countless homeowners in Orange County to refinance their underwater homes when it was previously impossible. If you are one of many who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com can assist you to easily assist in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Features
The Making Home Affordable Program, which was created and launched in 2009, allows for a large number of homeowners who had been previously unable to get refinancing for their mortgage loan. On account of complete declines throughout the market and home values, home owners were having trouble spending money on more than they can afford on their homes. One of the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing process, qualified homeowners of Edgewood with HARP Refinancing could get a smaller payment for their home and help save lots of money over the long haul.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home mortgages that have an LTV in excess of 80% are often not able to qualify for common mortgage refinancing options, the HARP program was necessary to allow for as many people as possible to begin saving money on their mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been subject to some modifications to enable a bit more flexibility for acceptance. Presently, the HARP program made available is often called HARP 2.0 and gives more flexible qualification standards. Here is a review of the historical past and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process provides significant assistance for Edgewood, FL home owners that could not refinance in the past resulting from reducing house values. The modern 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 important adjustment. This suggests no more limitations on how much a home owner owes on their mortgage vs. how much money their property is currently worth! Florida homeowners upside-down or under water on their mortgage can get some relief. In addition, there are also fewer restricted credit guidelines installed. Many of the so called government home refinance programs in the past have fallen short of honestly supporting home owners to refinance their mortgage loan to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) provides the help many Edgewood, FL home owners have deparately needed for way too long. It does not matter who your existing loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you providing your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program are based on what is currently being discussed but it is unknown what the eventual program will give you or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $350 per month on the mortgage payments, that may add to $35-70 billion in financial benefits each year.
HARP 3.0 My Refi (Recommended Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes one minute without any personal data required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage?