The Home Affordable Refinance Program (HARP) loan helps a great number of home owners in Alachua County to refinance their under water homes where it was previously unachievable. If you are among the numerous who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly assist with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Updates
The Making Home Affordable Program, first created and launched in late 2009, allows many home owners who were previously helpless to refinance their mortgage. As a result of basic decreases throughout the market and property values, homeowners were trapped having to pay more than they can afford on their homes. One of the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, eligible homeowners of Gainesville with HARP Refinancing may get a reduced payment for their home loan and help save thousands of dollars in the long term.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because home loans with an LTV more than 80% are often not able to qualify for conventional loan refinancing options, the HARP program was essential to allow for as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been subject to some alterations to enable greater flexibility for approval. Currently, the HARP program offered is often called HARP 2.0 and gives more flexible qualification specifications. Here is a summary of the background and development of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides serious assistance for Gainesville, FL home owners that did not refinance their home in the past on account of decreasing 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 LTV, which is the most essential alteration. It indicates no more limitations on how much a home owner currently owes on their mortgage loan vs. how much their home is currently worth. Florida homeowners upside down or under water with their home loan can get some assistance. Also, there are a reduced amount of restricted credit regulations in place. Most of the so called government relief home refinance programs in the past have fallen short of truly assisting homeowners to refinance their home mortgage to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the relief many Gainesville home owners have deparately needed for too long. No matter what who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist on condition 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 hypothesis. The main points of the program derive from what is increasingly being outlined but it is not known what the finalized program may 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 home-owners an average of $400 a month on their mortgage payments, that may add up to $35-70 billion in savings each year.
HARP 3 MYREFI (Suggested Possible 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 fast application form only takes a moment without any personal details 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?