The Home Affordable Refinance Program (HARP) loan permits countless homeowners in Marion County to re-finance their under water homes where it was previously not possible. If you are among the many who qualify for the new HARP refinance program, FiveStarsMortgage.com can help you to easily assist with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, first created and initiated in 2009, helps a great number of homeowners who were previously unable to get refinancing for their home loan. Being a result of existing declines in the economy and property value decline, homeowners were having trouble spending more than they could afford on homes. Among the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing process, qualified home owners of Dunnellon with HARP Refinancing could possibly get a reduced payment on their home loan and save a lot of money over time.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home loans that have an LTV in excess of 80% are often not able to qualify for typical mortgage refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has also been through a number of improvements to allow significantly more flexibility for acceptance. Currently, the HARP program being offered is referred to as HARP 2.0 and offers more flexible qualification standards. Here is a review of the historical past and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers significant assistance for Dunnellon home owners that could not refinance their home in the past stemming from shrinking 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 important alteration. This means no more limits on how much a homeowner currently owes on their home verses how much money their home is currently worth! Dunnellon, FL homeowners upside down or underwater on their mortgage can have some relief. In addition to this, there are also fewer restrictive credit regulations set up. Most of the so called government relief loan refinancing programs in the last several years have fallen short of truly helping home-owners to refinance their mortgage to a lower interest rate. The present variation of the HARP mortgage program (2.0) provides the relief many Dunnellon, FL home-owners have deparately needed for such a long time. Regardless of who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help on condition that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The important points of the program derive from what is increasingly being discussed but it is unknown what the eventual program will offer you or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home owners an average of $400 per month on their monthly mortgage payments, which could total $35-70 billion in financial benefits yearly.
HARP 3 MYREFI (Planned Potential Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a moment with no personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?