The Home Affordable Refinance Program (HARP) loan allows countless home owners in Seminole County to refinance their underwater homes where it was previously not possible. If you are one of the several who are qualified for the new HARP home refinance program, FiveStarsMortgage.com will help you to efficiently be of assistance to you with the loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Features
The Making Home Affordable Program, which was created and initiated in late 2009, allows numerous homeowners who had been previously unable to refinance their mortgage. Through total decreases throughout the market and property values, homeowners were having trouble paying more than they could afford on homes. One of the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new refinancing process, approved residents of Altamonte Springs with HARP Refinancing can usually get a cheaper payment for their home and save lots of money in the long run.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of over 80% on the mortgage. Because mortgage loans with an LTV more than 80% are often not able to qualify for common loan refinancing options, the HARP program was essential to let as many people as possible to start lowering costs on their mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has also undergone a number of modifications to allow increased flexibility for approval. At this time, the HARP program provided is named HARP 2.0 and provides more flexible qualification conditions. Below is a summary of the historical past and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program gives serious assistance for Altamonte Springs home owners that were not able to refinance in the past caused by dropping home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most essential change. This means no more restrictions on how much a homeowner owes on their home loan verses how much their home is currently worth! Altamonte Springs, FL home-owners upside down or underwater with their mortgage will get some help. In addition to this, there are also a reduced amount of restrictive credit guidelines installed. Most of the other government loan refinancing programs in the last several years have fallen short of actually helping home owners to refinance their home loan to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) offers the relief many Altamonte Springs home owners have needed for such a long time. Irrespective of who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are derived from what is currently being reviewed but it is unknown what the finalized program can provide or if it will even pass through Government red tape. The government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $350 a month on their monthly payments, that could add to $35-70 billion in savings annually.
HARP 3 My Refi (Planned Possible Future Program)
HARP refinance loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes one minute with zero personal information required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage?