The Home Affordable Refinance Program (HARP) loan would allow a large number of home-owners in Jackson County to refinance their underwater homes when it was previously unattainable. If you are among the numerous who qualify for the latest HARP refinance program, FiveStarsMortgage.com can assist you to easily help out with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Information
The Making Home Affordable Program, first created and launched in late 2009, lets a great number of home owners who were previously helpless to refinance their home loan. On account of total decreases throughout the market and property value decline, homeowners were stuck spending more than they could afford on homes. Amongst the main benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, qualified home owners of Greenwood with HARP Refinancing could get a smaller payment on their mortgage loan and help you save thousands of dollars over the long haul.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because mortgage loans that have an LTV in excess of 80% are often not in a position to qualify for conventional mortgage refinancing options, the HARP program was important to permit as many people as possible to begin lowering costs on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has also been subject to a number of adjustments to enable additional flexibility for approval. Right now, the HARP program sold is identified as HARP 2.0 and gives more flexible qualification specifications. This is the breakdown of the historical past and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers sizeable relief for Greenwood, FL home owners that did not refinance their home in the past attributable to falling home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most significant modification. This simply means no more limits on how much money a homeowner currently owes on their home loan verses how much their house is currently worth! Florida homeowners upside down or under water in their mortgage can have some relief. Moreover, there are a reduced amount of restrictive credit guidelines installed. Many of the so called government relief refinance loan programs in the past have fallen short of actually assisting home-owners to refinance their home loan to a lower rate of interest. The current version of the HARP mortgage program (2.0) provides the relief many Greenwood, FL homeowners have needed for such a long time. No matter what who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist on condition that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The facts of the program derive from what is increasingly being outlined but it is unknown what the eventual program will offer or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $200 per month on payments, that may add to $35-70 billion in cost savings each and every year.
HARP 3.0 MYREFI (Proposed Potential Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes one minute with zero 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?