The Home Affordable Refinance Program (HARP) loan helps a large number of home owners in Calhoun County to re-finance their underwater homes when it was previously unachievable. If you are one of the numerous who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to swiftly be of assistance to you in your 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, Plan Criteria, and Changes
The Making Home Affordable Program, first created and started in 2009, lets a large number of homeowners who were previously unable to refinance their home loan. A result of all around declines in the economy and property value decline, home owners were stuck having to pay more than they could afford on their homes. Among the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, qualified residents of Blounstown with HARP Refinancing may get a more affordable payment on their mortgage loan and help you save thousands of dollars in the long run.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because home loans with an LTV of more than 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was needed to let as many people as possible to begin lowering costs on their payments. As borrowers needs have changed since the program began, the HARP program has also been through quite a few variations to allow significantly more flexibility for acceptance. Right now, the HARP program offered is labeled HARP 2.0 and provides more flexible qualification requirements. Below is a review of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers substantial assistance for Blounstown home owners that could not refinance their home in the past caused by 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 loan to value, which is the most vital modification. Meaning no more limits on how much money a homeowner owes on their home loan verses how much money their property is currently worth. Blounstown, FL home-owners upside-down or under water on their home loan can have some help. On top of that, there are a lot less restricted credit regulations implemented. Many of the so called government refinance programs in the past have fallen short of actually assisting home-owners to refinance their mortgage loan to a lower interest rate. The modern edition of the HARP mortgage program (2.0) offers the help many Blounstown property owners have deparately needed for such a long time. Despite who your existing loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help providing your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The facts of the program are based upon what is increasingly being discussed but it is unknown what the eventual program will provide or if it will even have the chance of passing. The government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $400 a month on mortgage payments, that could add to $35-70 billion in reductions annually.
HARP 3.0 My Refi (Planned Possible Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a minute and no personal information required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a conventional mortgage loan?