The Home Affordable Refinance Program (HARP) loan allows for countless home owners in Sumter County to refinance their under water homes where it was previously out of the question. If you are one of many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com will help you to easily help out 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 History, Plan Guidelines, and Information
The Making Home Affordable Program, first created and launched in 2009, allows a great number of homeowners who had been previously unable to get refinancing for their home loan. Due to complete decreases in the economy and property values, home owners were cornered having to pay more than they can afford on homes. One of the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, eligible homeowners of Bushnell with HARP Refinancing can usually get a lesser payment on their home and save yourself a lot of money in the long term.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because home mortgages with an LTV more than 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was necessary to allow as many people as possible to start spending less on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally gone through a number of alterations to permit added flexibility for approval. Currently, the HARP program available is known as HARP 2.0 and offers more flexible qualification guidelines. This is a review of the background and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program provides sizeable assistance for Bushnell home owners that could not refinance their home in the past resulting from dropping home values. The new 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 essential modification. Meaning no more limits on how much money a home owner currently owes on their home verses how much their house is currently worth. Bushnell home-owners upside down or underwater in their home loan will have some assistance. On top of that, there are a lot less restricted credit regulations implemented. Many of the other government loan refinancing programs in the past have fallen short of truly assisting home owners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the relief many Bushnell home owners have deparately needed for so long. Irrespective of who your current loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help so long as your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The specifics of the program derive from what is currently being discussed but it is not known what the ultimate program will provide or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save families an average of $250 a month on mortgage payments, which could total $35-70 billion in financial benefits yearly.
HARP 3 MYREFI (Recommended Potential Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a few minutes with zero personal details required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?