The Home Affordable Refinance Program (HARP) loan permits a great number of home-owners in Lee County to refinance their under water homes where it was previously unattainable. If you are among the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com will help you to efficiently help out 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 Background, Plan Prerequisites, and Features
The Making Home Affordable Program, first created and launched in 2009, allows for a large number of home owners who were previously struggling to get refinancing for their mortgage loan. Due to the overall declines throughout the market and property value decline, home owners were cornered paying more than they can afford on their homes. One of the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing approach, approved home owners of Fountain with HARP Refinancing could get a lesser payment for their home loan and save thousands of dollars over the long haul.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of over 80% on the mortgage. Because mortgage loans with an LTV of over 80% are often unable to qualify for traditional mortgage refinancing options, the HARP program was necessary to allow for as many people as possible to start spending less on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also been subject to some adjustments to permit increased flexibility for acceptance. At this time, the HARP program offered is known as HARP 2.0 and gives more flexible qualification requirements. Below is a review of the historical past and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program can give essential relief for Fountain home owners that could not refinance their home in the past as a consequence of reducing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most critical modification. It indicates no more limits on how much money a home owner currently owes on their mortgage loan vs. how much their home is currently worth. Fountain homeowners upside down or under water on their home loan will get some assistance. On top of that, there are a reduced amount of restrictive credit regulations implemented. Most of the other government relief refinance programs in the past have fallen short of actually helping home owners to refinance their mortgage loan to a lower interest rate. The modern edition of the HARP mortgage program (2.0) provides the relief many Fountain property owners have deparately needed for too long. Whatever who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can provide assistance on condition that your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based on what is currently being reviewed but it is not known what the finalized program may offer or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $200 a month on payments, that may add to $35-70 billion in savings every year.
HARP 3 MYREFI (Suggested Possible Future Program)
HARP refinance home loan 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 minute and no personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?