The Home Affordable Refinance Program (HARP) loan helps a large number of home owners in Bay County to re-finance their under water homes where it was previously not possible. If you are among the many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help 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 Prerequisites, and Features
The Making Home Affordable Program, first created and initiated in late 2009, helps many home owners who had been previously struggling to get refinancing for their mortgage. Resulting from total decreases in the economy and home value decline, homeowners were having trouble paying more than they could afford on homes. Among the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, qualified residents of Cedar Grove with HARP Refinancing can get a decreased payment on their mortgage loan and save yourself thousands of dollars over the long haul.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of greater than 80% on the mortgage. Because mortgages that have an LTV of over 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was necessary to let as many people as possible to begin saving money on their mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been through a number of variations to allow much more flexibility for acceptance. Presently, the HARP program made available is known as HARP 2.0 and gives more flexible qualification conditions. This is the summary of the history and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process gives major assistance for Cedar Grove, FL home owners that were not able to refinance in the past stemming from dropping house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most critical change. Therefore no more limits on how much money a home owner owes on their mortgage verses how much their property is currently worth! Florida home-owners upside down or under water with their mortgage loan can have some help. Also, there are also a lot less restrictive credit guidelines installed. Most of the so called government refinance programs in the last several years have fallen short of truly assisting home owners to refinance their home mortgage to a lower interest rate. The latest version of the HARP mortgage program (2.0) provides the relief many Cedar Grove, FL home-owners have deparately needed for way too long. Whatever who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance on condition that your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The important points of the program are based on what is currently being discussed but it is not known what the ultimate program offers or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $350 a month on their mortgage payments, which could add up to $35-70 billion in savings each and every year.
HARP 3 MYREFI (Suggested Potential Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a minute with no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage?