The Home Affordable Refinance Program (HARP) loan allows for a large number of home-owners in Alachua County to re-finance their underwater homes where it was previously not possible. If you are one of the many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can assist you to quickly help out 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, Plan Prerequisites, and Information
The Making Home Affordable Program, which was created and launched in 2009, lets a large number of home owners who had been previously helpless to refinance their mortgage. By way of common decreases in the economy and property values, home owners were having trouble spending money on more than they can afford on homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, eligible residents of Archer, FL with HARP Refinancing may get a smaller payment for their home and help you save thousands of dollars in the long run.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgage loans with an LTV of over 80% are often not in a position to qualify for typical refinancing options, the HARP program was necessary to permit as many people as possible to start saving money on their payments. As borrowers needs have changed since the program began, the HARP program has additionally been subject to quite a few changes to enable significantly more flexibility for acceptance. At present, the HARP program sold is identified as HARP 2.0 and gives more flexible qualification guidelines. This is a summary of the background and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides major assistance for Archer home owners that could not refinance their home in the past on account of dropping home values. The modern 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 significant change. What this means is no more limitations on how much a homeowner owes on their home loan vs. how much their home is currently worth! Archer home-owners upside down or under water with their home loan will now have some help. In addition to this, there are a reduced amount of restrictive credit guidelines installed. Most of the so called government backed refinance loan programs in the past have fallen short of honestly supporting home owners to refinance their mortgage loan to a lower interest rate. The modern rendition of the HARP mortgage program (2.0) offers the help many Archer, FL home owners have deparately needed for so long. Whatever who your existing loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The important points of the program derive from what is currently being reviewed but it is not known what the eventual program will give you or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $400 a month on monthly mortgage payments, that could add to $35-70 billion in savings each and every year.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a moment with zero personal data required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a traditional mortgage loan?