The Home Affordable Refinance Program (HARP) loan will permit many home owners in Franklin County to refinance their underwater homes where it was previously not possible. If you are one of the several who qualify for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Guidelines, and Changes
The Making Home Affordable Program, which was created and launched in 2009, allows a large number of home owners who had been previously unable to refinance their mortgage. As a result of overall declines in the economy and home value decline, home owners were having difficulty spending more than they could afford on homes. Amongst the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, qualified homeowners of Carrabelle with HARP Refinancing could possibly get a lower payment on their mortgage and help save a lot of money in the long run.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of greater than 80% on the mortgage. Because mortgage loans that have an LTV of more than 80% are often not able to qualify for common loan refinancing options, the HARP program was essential to permit as many people as possible to start saving money on their payments. As borrowers expectations have changed since the program began, the HARP program has additionally gone through quite a few changes permitting additional flexibility for acceptance. Presently, the HARP program available is referred to as HARP 2.0 and provides more flexible qualification standards. Here is a summary of the historical past and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program is providing essential assistance for Carrabelle, FL home owners that did not refinance in the past caused by falling house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most prominent change. Therefore no more limitations on how much money a homeowner currently owes on their mortgage loan verses how much money their home is currently worth! Carrabelle home owners upside down or underwater on their mortgage loan will have some relief. On top of that, there are also fewer restrictive credit guidelines in place. Most of the other government loan refinancing programs in the past have fallen short of honestly helping home owners to refinance their mortgage loan to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the help many Carrabelle home owners have deparately needed for such a long time. Despite who your current loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help provided that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The specifics of the program are derived from what is currently being reviewed but it is unknown what the finished program will offer you or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $400 a month on mortgage payments, which might add up to $35-70 billion in cost savings each year.
HARP 3.0 MYREFI (Projected Possible Future Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a few minutes and no personal details ever required. You can also call 800-871-2636 7 days a week.
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