The Home Affordable Refinance Program (HARP) loan makes it possible for countless home-owners in Orange County to re-finance their underwater homes where it was previously out of the question. If you are one of many who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to easily assist with 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 Qualifications, Plan Guidelines, and Information
The Making Home Affordable Program, which was created and initiated in 2009, enables many home owners who had been previously struggling to get refinancing for their mortgage. A result of total declines in the economy and home values, homeowners were bogged down having to pay more than they could afford on homes. Among the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified home owners of Apopka, FL with HARP Refinancing may get a more affordable payment for their home and save lots of money over the long haul.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio greater than 80% on the mortgage loan. Because home loans with an LTV of over 80% are often not in a position to qualify for typical mortgage refinancing options, the HARP program was needed to let as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been through some adjustments to allow for increased flexibility for acceptance. Presently, the HARP program made available is named HARP 2.0 and offers more flexible qualification guidelines. Below is a review of the historical past and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program can give major relief for Apopka, FL home owners that could not refinance in the past resulting from diminishing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most prominent alteration. This means no more restrictions on how much a home owner currently owes on their home vs. how much money their house is currently worth. Apopka, FL homeowners upside down or underwater with their home loan will have some assistance. Moreover, there are fewer restricted credit guidelines in place. Many of the so called government refinance loan programs in the last several years have fallen short of truly supporting homeowners to refinance their home loan to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) provides the help many Apopka property owners have needed for way too long. Despite who your actual loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help you providing your mortgage loan is at present 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 based on what is currently being reviewed but it is unknown what the finalized program will provide or if it will even pass through Government red tape. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $200 a month on their monthly mortgage payments, that may add to $35-70 billion in cost savings each and every year.
HARP 3 MYREFI (Suggested Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a minute with zero personal info 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 loan?