The Home Affordable Refinance Program (HARP) loan permits a great number of home owners in Sarasota County to re-finance their underwater homes where it was previously not possible. If you are one of the several who are qualified for the new HARP refinance program, FiveStarsMortgage.com can help you to easily help you with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Enhancements
The Making Home Affordable Program, which was created and launched in late 2009, enables a large number of home owners who were previously helpless to refinance their mortgage loan. By reason of complete declines in the economy and home value decline, homeowners were having difficulty paying more than they could afford on homes. One of the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, approved homeowners of Englewood, FL with HARP Refinancing could possibly get a more affordable payment on their home loan and save lots of money in the long term.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of more than 80% on the home loan. Because mortgages with an LTV in excess of 80% are often not in a position to qualify for common loan refinancing options, the HARP program was needed to allow as many people as possible to begin saving money on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally gone through quite a few changes to enable extra flexibility for acceptance. At this time, the HARP program offered is identified as HARP 2.0 and gives more flexible qualification guidelines. This is the review of the history and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process is providing critical assistance for Englewood, FL home owners that could not refinance their home in the past on account of dropping house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most prominent modification. This simply means no more restrictions on how much a home owner owes on their mortgage verses how much their house is currently worth! Englewood, FL homeowners upside down or underwater in their mortgage will now get some assistance. Also, there are less restrictive credit guidelines installed. Many of the so called government relief loan refinancing programs in the last several years have fallen short of honestly assisting home-owners to refinance their mortgage to a lower rate of interest. The current edition of the HARP mortgage program (2.0) offers the relief many Englewood home owners have needed for way too long. No matter what who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help 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 speculation. The important points of the program are derived from what is increasingly being reviewed but it is not known what the final program will provide or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $300 a month on the monthly payments, which might add to $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Projected Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a few minutes and no personal details required. You can also call 800-871-2636 7 days a week.
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