The Home Affordable Refinance Program (HARP) loan will permit a great number of home owners in Polk County to refinance their under water homes where it was previously unattainable. If you are one of many who are qualified for the new HARP refinancing program, FiveStarsMortgage.com will help you to swiftly help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, which was created and initiated in late 2009, enables numerous home owners who had been previously struggling to refinance their mortgage. Due to the existing declines in the economy and home values, homeowners were trapped paying more than they can afford on homes. Amongst the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing approach, approved homeowners of Frostproof, FL with HARP Refinancing can get a lower payment on their home and save yourself a lot of money over time.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio in excess of 80% on the home loan. Because mortgage loans that have an LTV of over 80% are often not in a position to qualify for traditional refinancing options, the HARP program was needed to enable as many people as possible to start spending less on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also been through some adjustments permitting more flexibility for acceptance. Right now, the HARP program made available is often called HARP 2.0 and gives more flexible qualification guidelines. Here is a summary of the history and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program can give essential assistance for Frostproof home owners that could not refinance in the past on account of declining house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most significant alteration. Meaning no more limits on how much a homeowner currently owes on their mortgage loan vs. how much their house is currently worth! Frostproof homeowners upside-down or underwater with their mortgage will now get some assistance. Also, there are less restricted credit guidelines installed. Many of the so called government relief home refinance programs in the past have fallen short of honestly supporting home owners to refinance their home mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) offers the help many Frostproof homeowners have needed for such a long time. Irrespective of who your loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist 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 facts of the program are based upon what is increasingly being outlined but it is unknown what the eventual program will give you or if it will even pass. The government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $250 per month on payments, which could add to $35-70 billion in savings each year.
HARP 3 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 mortgage loan eligibility. The fast application only takes a few minutes with no personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?