The Home Affordable Refinance Program (HARP) loan lets countless homeowners in Polk County to refinance their under water homes when it was previously not possible. If you are among the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can help you to easily assist with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Changes
The Making Home Affordable Program, which was created and started in late 2009, helps a great number of homeowners who were previously helpless to refinance their home loan. As a result of all round decreases throughout the market and home values, homeowners were having difficulty spending money on more than they could afford on their homes. Among the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, approved home owners of Bartow with HARP Refinancing could possibly get a smaller payment on their home and save yourself thousands of dollars over the years.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because home loans with an LTV of over 80% are often not able to qualify for conventional refinancing options, the HARP program was necessary to allow for as many people as possible to start saving money on their monthly payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been through a number of changes permitting more flexibility for approval. Right now, the HARP program being offered is named HARP 2.0 and provides more flexible qualification standards. Here is a summary of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process can give sizeable relief for Bartow home owners that were not able to refinance in the past as a result of reducing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most vital modification. What this means is no more restrictions on how much money a homeowner owes on their mortgage loan vs. how much money their home is currently worth. Bartow, FL home-owners upside down or under water in their mortgage will have some relief. In addition, there are also less restrictive credit regulations installed. Many of the so called government backed refinance loan programs in the last several years have fallen short of actually supporting homeowners to refinance their mortgage loan to a lower interest rate. The latest version of the HARP mortgage program (2.0) offers the help many Bartow home-owners have deparately needed for way too long. Whatever who your current loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you as long as your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The important points of the program are derived from what is currently being discussed but it is unknown what the final program will give you or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $250 a month on their monthly payments, that would add to $35-70 billion in reductions each year.
HARP 3 My Refi (Planned Potential Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a minute and no personal details ever 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?