The Home Affordable Refinance Program (HARP) loan makes it possible for many home-owners in Jackson County to re-finance their under water homes where it was previously unattainable. If you are one of the several who qualify for the latest HARP home refinance program, FiveStarsMortgage.com will help you to easily assist in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Criteria, and Features
The Making Home Affordable Program, first created and initiated in late 2009, helps a large number of home owners who were previously unable to get refinancing for their home loan. As a result of general declines in the economy and property values, homeowners were stuck paying more than they can afford on homes. Among the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, eligible home owners of Alford with HARP Refinancing may get a lower payment for their mortgage and help save thousands of dollars over the years.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because mortgage loans that have an LTV of more than 80% are often unable to qualify for common mortgage refinancing options, the HARP program was needed to permit as many people as possible to start lowering costs on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also undergone quite a few modifications to permit significantly more flexibility for approval. At this time, the HARP program being offered is identified as HARP 2.0 and offers more flexible qualification specifications. This is a breakdown of the background and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process is providing substantial relief for Alford, FL home owners that could not refinance their home in the past stemming from falling home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most vital modification. This simply means no more restrictions on how much money a home owner owes on their home loan verses how much money their house is currently worth. Alford home-owners upside-down or under water on their mortgage loan can have some relief. Also, there are a lot less restricted credit guidelines implemented. Most of the other government relief loan refinancing programs in the last several years have fallen short of actually supporting homeowners to refinance their home mortgage to a lower interest rate. The modern rendition of the HARP mortgage program (2.0) offers the help many Alford home owners have needed for too long. It does not matter who your current loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you provided that your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The details of the program derive from what is currently being discussed but it is unknown what the eventual program will provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $400 a month on the payments, that may total $35-70 billion in savings every year.
HARP 3.0 MYREFI (Proposed Potential Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a moment and no personal info 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?