The Home Affordable Refinance Program (HARP) loan helps countless home owners in Lake County to re-finance their underwater homes when it was previously out of the question. If you are one of the numerous who qualify for the latest HARP refinancing program, FiveStarsMortgage.com will help you to easily help you in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Features
The Making Home Affordable Program, first created and launched in 2009, allows for a great number of home owners who were previously struggling to get refinancing for their home loan. Attributable to common declines throughout the market and property values, home owners were stuck spending money on more than they can afford on their homes. Amongst the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, approved residents of Astatula, FL with HARP Refinancing could get a reduced payment on their mortgage loan and save lots of money over the years.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio of over 80% on their mortgage loan. Because home loans that have an LTV of over 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was needed to allow as many people as possible to start saving money on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has also undergone some adjustments permitting significantly more flexibility for approval. At this time, the HARP program being offered is referred to as HARP 2.0 and gives more flexible qualification conditions. This is a review of the historical past and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program offers substantial relief for Astatula, FL home owners that were not able to refinance their home in the past stemming from diminishing home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most important alteration. Therefore no more limitations on how much money a homeowner owes on their mortgage verses how much money their house is currently worth! Astatula, FL homeowners upside-down or underwater with their mortgage loan can have some relief. In addition to this, there are also a reduced amount of restrictive credit regulations set up. Most of the so called government backed refinance programs in the last several years have fallen short of honestly helping 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 Astatula, FL home-owners have needed for too long. It does not matter who your current loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help providing 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 important points of the program are derived from what is currently being spoken about but it is unknown what the ultimate program will provide or if it will even pass. The federal government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $250 a month on payments, that can add to $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Proposed Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application only takes a moment with zero personal details required. You can also call 800-871-2636 7 days a week.
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