The Home Affordable Refinance Program (HARP) loan would allow a great number of home-owners in Washington County to refinance their under water homes where it was previously out of the question. If you are among the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com will help you to efficiently help out in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Requirements, and Updates
The Making Home Affordable Program, which was created and initiated in 2009, allows for a great number of homeowners who had been previously helpless to refinance their mortgage loan. Caused by overall declines in the economy and home values, homeowners were trapped having to pay more than they can afford on homes. One of the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, qualified homeowners of Caryville with HARP Refinancing could get a cheaper payment on their home and save thousands of dollars over the years.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because mortgages with an LTV of more than 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was necessary to let as many people as possible to begin spending less on their monthly mortgage payments. As borrowers demands have changed since the program began, the HARP program has also undergone quite a few alterations to enable increased flexibility for acceptance. Right now, the HARP program sold is labeled HARP 2.0 and offers more flexible qualification standards. This is a breakdown of the historical past and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program offers critical relief for Caryville home owners that were not able to refinance their home in the past caused by falling house values. The newest 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 essential adjustment. This simply means no more restrictions on how much a home owner currently owes on their mortgage loan verses how much their property is currently worth. Florida home-owners upside down or under water with their mortgage loan will now have some relief. Also, there are also less restricted credit guidelines implemented. Most of the so called government backed refinance programs in the past have fallen short of truly aiding home-owners to refinance their mortgage loan to a lower rate of interest. The current variation of the HARP mortgage program (2.0) offers the help many Caryville, FL homeowners have needed for way too long. Despite who your actual loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help you so long as your home 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 speculation. The details of the program are based upon what is increasingly being spoken about but it is unknown what the finalized program will offer 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 $300 a month on the monthly mortgage payments, which could add up to $35-70 billion in reductions each and every year.
HARP 3 MYREFI (Proposed Potential 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 quick application only takes a few minutes with zero personal info 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?