The Home Affordable Refinance Program (HARP) loan enables many home owners in Hendry County to re-finance their underwater homes where it was previously unattainable. If you are among the many who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can assist you to easily assist with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Prerequisites, and Information
The Making Home Affordable Program, which was created and started in late 2009, allows a great number of homeowners who were previously helpless to get refinancing for their mortgage loan. Caused by general decreases in the economy and property values, homeowners were having problems having to pay more than they can afford on homes. Amongst the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, eligible homeowners of Felda with HARP Refinancing can usually get a more affordable payment on their home and help save a lot of money over the long haul.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because mortgage loans with an LTV more than 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was needed to allow as many people as possible to start spending less on their mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through quite a few alterations to allow for extra flexibility for acceptance. Presently, the HARP program made available is often called HARP 2.0 and gives more flexible qualification conditions. This is the summary of the history and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives sizeable relief for Felda home owners that could not refinance their home in the past stemming from diminishing home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most critical adjustment. This simply means no more restrictions on how much a home owner currently owes on their home loan vs. how much money their house is currently worth. Felda homeowners upside-down or under water on their mortgage loan will have some help. Also, there are also less restricted credit regulations in place. Many of the other government relief refinance programs in the past have fallen short of honestly supporting homeowners to refinance their mortgage loan to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the help many Felda, FL homeowners have needed for too long. Irrespective of who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can assist so long as your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The specifics of the program derive from what is currently being outlined but it is unknown what the finalized program will offer you or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $400 per month on the mortgage payments, which might add to $35-70 billion in cost savings each and every year.
HARP 3.0 MYREFI (Recommended Future Program)
HARP refinance loan application form 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 with no personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage?