The Home Affordable Refinance Program (HARP) loan permits many home owners in Levy County to refinance their underwater homes where it was previously unachievable. If you are one of the many who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to easily assist with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, helps a large number of home owners who were previously struggling to refinance their home loan. Being a result of basic decreases in the economy and property values, home owners were having problems paying more than they can afford on their homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, approved homeowners of Cedar Key with HARP Refinancing can usually get a smaller payment for their mortgage and save yourself thousands of dollars in the long run.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because mortgages that have an LTV in excess of 80% are often not able to qualify for typical refinancing options, the HARP program was necessary to permit as many people as possible to begin spending less on their payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally gone through a number of modifications to enable additional flexibility for approval. Presently, the HARP program being offered is called HARP 2.0 and provides more flexible qualification guidelines. Below is a review of the historical past and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives substantial relief for Cedar Key home owners that could not refinance in the past attributable to shrinking home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most important change. This suggests no more limits on how much a homeowner currently owes on their mortgage loan vs. how much their house is currently worth. Cedar Key, FL home owners upside-down or under water on their mortgage loan can get some help. Also, there are a reduced amount of restricted credit regulations installed. Most of the other government relief loan refinancing programs in the past have fallen short of actually helping home-owners to refinance their home loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) provides the help many Cedar Key home owners have needed for so long. Irrespective of who your actual loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist so long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are based upon what is increasingly being discussed but it is not known what the eventual program will provide or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save families an average of $200 a month on monthly payments, that may total $35-70 billion in savings each year.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes one minute without any personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a conventional mortgage?