The Home Affordable Refinance Program (HARP) loan helps many homeowners in Franklin County to re-finance their under water homes where it was previously not possible. If you are one of many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly help you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Requirements, and Information
The Making Home Affordable Program, first created and initiated in late 2009, allows for numerous home owners who were previously helpless to refinance their mortgage. Caused by common decreases throughout the market and home value decline, homeowners were having problems paying more than they can afford on homes. Amongst the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, approved residents of Apalachicola with HARP Refinancing can usually get a smaller payment on their mortgage loan and help save thousands of dollars over the long haul.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgages with an LTV of more than 80% are often not in a position to qualify for standard refinancing options, the HARP program was important to enable as many people as possible to start saving money on their monthly mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been subject to a number of improvements to enable increased flexibility for approval. At this time, the HARP program made available is labeled HARP 2.0 and gives more flexible qualification conditions. Below is a summary of the historical past and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives sizeable relief for Apalachicola, FL home owners that could not refinance their home in the past stemming from reducing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most prominent modification. This means no more limitations on how much a home owner currently owes on their home loan vs. how much money their house is currently worth. Apalachicola, FL home-owners upside down or underwater with their mortgage will get some relief. Also, there are a reduced amount of restricted credit guidelines installed. Most of the other government backed home refinance programs in the last several years have fallen short of truly supporting homeowners to refinance their home loan to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the relief many Apalachicola homeowners have needed for too long. Regardless of who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance so long as your mortgage loan 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 main points of the program derive from what is increasingly being spoken about but it is unknown what the eventual program can provide or if it will even pass. The federal government has assumed that it would probably help over 20 million borrowers and save families an average of $200 per month on their monthly payments, which might total $35-70 billion in cost savings every year.
HARP 3 My Refi (Planned Potential Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a moment without any personal info required. You can also call 800-871-2636 7 days a week.
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