The Home Affordable Refinance Program (HARP) loan lets a great number of home owners in Volusia County to refinance their underwater homes when it was previously not possible. If you are one of the numerous who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to easily be of assistance to you with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Criteria, and Updates
The Making Home Affordable Program, first created and initiated in late 2009, allows for a large number of home owners who had been previously struggling to refinance their mortgage loan. On account of overall declines in the economy and home value decline, home owners were cornered spending money on more than they could afford on their homes. One of the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, qualified homeowners of Edgewater with HARP Refinancing could possibly get a smaller payment for their home and save yourself lots of money over the long haul.
The HARP system is for home-owners 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 in excess of 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was essential to allow as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also been subject to quite a few modifications to allow far more flexibility for approval. At this time, the HARP program provided is named HARP 2.0 and offers more flexible qualification standards. Here is a breakdown of the historical past and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process is providing significant relief for Edgewater home owners that could not refinance their home in the past resulting from declining home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most prominent change. Therefore no more restrictions on how much money a homeowner currently owes on their mortgage vs. how much their house is currently worth! Edgewater home-owners upside down or underwater on their mortgage loan can get some help. On top of that, there are a lot less restrictive credit guidelines set up. Many of the so called government backed refinance loan programs in the last several years have fallen short of honestly assisting home owners to refinance their home mortgage to a lower interest rate. The present variation of the HARP mortgage program (2.0) provides the relief many Edgewater homeowners have needed for such a long time. Regardless of who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program derive from what is currently being discussed but it is not known what the final program will give you or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $250 a month on mortgage payments, that can add up to $35-70 billion in reductions each year.
HARP 3.0 MYREFI (Planned Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a minute without any personal details ever required. You can also call 800-871-2636 7 days a week.
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