The Home Affordable Refinance Program (HARP) loan will permit a large number of home owners in Holmes County to re-finance their under water homes when it was previously not possible. If you are one of many who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com will help you to swiftly help you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Changes
The Making Home Affordable Program, first created and started in late 2009, allows for a large number of homeowners who had been previously unable to get refinancing for their mortgage. Resulting from all around decreases in the economy and property value decline, home owners were having trouble spending money on more than they can afford on homes. Amongst the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, eligible home owners of El Portal with HARP Refinancing may get a more affordable payment for their mortgage and save yourself a lot of money in the long term.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because home loans that have an LTV of over 80% are often not able to qualify for conventional refinancing options, the HARP program was important to allow as many people as possible to begin spending less on their mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also been through a number of improvements permitting much more flexibility for acceptance. Presently, the HARP program offered is often called HARP 2.0 and gives more flexible qualification requirements. Below is a breakdown of the history and development of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process gives essential relief for El Portal, FL home owners that were not able to 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 important modification. This suggests no more limitations on how much a home owner currently owes on their mortgage loan vs. how much money their home is currently worth. El Portal home owners upside-down or under water in their mortgage can have some help. Moreover, there are a lot less restrictive credit guidelines set up. Most of the other government relief refinance programs in the past have fallen short of truly aiding homeowners to refinance their mortgage loan to a lower interest rate. The current version of the HARP mortgage program (2.0) provides the relief many El Portal, FL home-owners have needed for so long. Irrespective of who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program derive from what is increasingly being discussed but it is unknown what the finished program offers or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $300 per month on the monthly mortgage payments, that may add to $35-70 billion in reductions each year.
HARP 3 MYREFI (Planned Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a few minutes without any personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?