The Home Affordable Refinance Program (HARP) loan helps a large number of home owners in Volusia County to refinance their under water homes where it was previously out of the question. If you are one of the many who qualify for the latest HARP home refinance program, FiveStarsMortgage.com can help you to quickly assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Criteria, and Changes
The Making Home Affordable Program, first created and initiated in 2009, allows a great number of home owners who were previously struggling to refinance their mortgage loan. By way of existing declines in the economy and home value decline, homeowners were stuck paying more than they can afford on their homes. One of the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing process, qualified home owners of Deland, FL with HARP Refinancing could possibly get a lesser payment on their mortgage loan and save a lot of money over the long haul.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home mortgages that have an LTV of over 80% are often unable to qualify for conventional refinancing options, the HARP program was necessary to allow for as many people as possible to begin spending less on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also gone through a number of variations to allow for extra flexibility for acceptance. Currently, the HARP program offered is named HARP 2.0 and offers more flexible qualification conditions. Here is a breakdown of the background and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan process can give serious relief for Deland home owners that did not refinance in the past due to diminishing house values. The latest 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 suggests no more restrictions on how much money a home owner owes on their mortgage loan verses how much their property is currently worth. Deland, FL home owners upside down or under water with their home loan can have some help. In addition, there are a reduced amount of restricted 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 to a lower interest rate. The modern edition of the HARP mortgage program (2.0) provides the help many Deland homeowners have deparately needed for so long. No matter what who your actual loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The details of the program are based on what is increasingly being outlined but it is not known what the final program will give you or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $200 per month on the monthly mortgage payments, that can add up to $35-70 billion in cost savings yearly.
HARP 3 My Refi (Recommended Potential Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a moment with no personal info ever required. You can also call 800-871-2636 7 days a week.
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