The Home Affordable Refinance Program (HARP) loan allows for countless home-owners in Jackson County to refinance their under water homes when it was previously out of the question. If you are among the numerous who are qualified for the newest HARP refinance program, FiveStarsMortgage.com can assist you to easily be of assistance to you with the 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, Eligibility Requirements, and Features
The Making Home Affordable Program, first created and started in 2009, enables a large number of home owners who were previously unable to refinance their mortgage loan. Due to existing declines throughout the market and property value decline, homeowners were trapped paying more than they could afford on homes. One of the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, eligible home owners of Campbellton, FL with HARP Refinancing can usually get a smaller payment on their home and help save lots of money over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgages that have an LTV more than 80% are often not in a position to qualify for typical refinancing options, the HARP program was needed to permit as many people as possible to begin lowering costs on their payments. As credit seekers demands have changed since the program began, the HARP program has additionally been through some modifications to allow extra flexibility for approval. At present, the HARP program sold is named HARP 2.0 and provides more flexible qualification guidelines. Below is a review of the history and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program can give serious assistance for Campbellton home owners that could not refinance their home in the past as a result of diminishing home values. The new 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 essential modification. This indicates no more limits on how much a homeowner owes on their mortgage loan vs. how much their house is currently worth. Florida home owners upside-down or under water on their mortgage loan can have some help. In addition, there are fewer restricted credit guidelines implemented. Most of the so called government relief refinance loan programs in the last several years have fallen short of actually aiding home-owners to refinance their home loan to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) provides the relief many Campbellton, FL home owners have needed for so long. Despite who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help provided that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program are based on what is currently being outlined but it is not known what the final program will provide or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $200 a month on their monthly payments, that may add up to $35-70 billion in reductions yearly.
HARP 3 My Refi (Suggested 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 fast application form only takes one minute and no personal info required. You can also call 800-871-2636 7 days a week.
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