The Home Affordable Refinance Program (HARP) loan will permit a great number of home-owners in Lake County to refinance their underwater homes when it was previously out of the question. If you are among the numerous who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to swiftly help out with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Requirements, and Updates
The Making Home Affordable Program, which was created and launched in 2009, allows for many home owners who had been previously struggling to get refinancing for their home loan. Attributed to all round declines in the economy and home values, homeowners were having difficulty having to pay more than they could afford on homes. Among the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, eligible residents of Fruitland Park, FL with HARP Refinancing could get a cheaper payment on their home and save lots of money over the years.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home loans that have an LTV in excess of 80% are often not able to qualify for traditional refinancing options, the HARP program was necessary to enable as many people as possible to start lowering costs on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally been subject to quite a few modifications to allow for a bit more flexibility for acceptance. Currently, the HARP program offered is labeled HARP 2.0 and offers more flexible qualification requirements. This is the 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 process provides serious assistance for Fruitland Park home owners that were not able to refinance in the past on account of shrinking house values. The latest 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 critical change. It indicates no more limits on how much money a homeowner owes on their home loan verses how much their property is currently worth. Fruitland Park, FL homeowners upside down or under water in their home loan can get some help. In addition, there are also a reduced amount of restrictive credit regulations implemented. Many of the other government relief home refinance programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) provides the relief many Fruitland Park property owners have needed for way too long. No matter what who your existing loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist so long as your 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 speculation. The main points of the program are based upon what is currently being spoken about but it is not known what the eventual program will offer or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save families an average of $250 per month on monthly mortgage payments, that may add to $35-70 billion in reductions every year.
HARP 3 My Refi (Projected 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 short application only takes a few minutes without any 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 conventional mortgage loan?