The Home Affordable Refinance Program (HARP) loan enables a great number of home-owners in Saint Johns County to re-finance their underwater homes where it was previously out of the question. If you are among the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently assist in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Changes
The Making Home Affordable Program, which was created and initiated in 2009, allows numerous homeowners who were previously helpless to refinance their mortgage. A consequence of common declines in the economy and home values, homeowners were cornered having to pay more than they can afford on homes. Among the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing program, qualified residents of Elkton, FL with HARP Refinancing can get a decreased payment for their home loan and save thousands of dollars in the long run.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of more than 80% on the home loan. Because home mortgages with an LTV of over 80% are often unable to qualify for conventional mortgage refinancing options, the HARP program was important to allow as many people as possible to begin spending less on their monthly payments. As borrowers needs have changed since the program began, the HARP program has additionally gone through some variations to allow greater flexibility for approval. Currently, the HARP program being offered is often called HARP 2.0 and provides more flexible qualification specifications. This is a summary of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives sizeable relief for Elkton home owners that did not refinance in the past due to shrinking house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most important adjustment. It indicates no more limitations on how much a home owner currently owes on their home verses how much their house is currently worth! Elkton home owners upside-down or under water in their mortgage loan will get some relief. Also, there are also a reduced amount of restrictive credit regulations set up. Many of the so called government backed home refinance programs in the last several years have fallen short of actually assisting home-owners to refinance their mortgage loan to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) offers the relief many Elkton, FL home owners have needed for such a long time. No matter what who your current loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist providing 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 derived from what is currently being outlined but it is not known what the finalized program may offer or if it will even have the chance of passing. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $200 a month on the monthly mortgage payments, that may add up to $35-70 billion in reductions annually.
HARP 3 MYREFI (Recommended Potential Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The fast application only takes one minute without any personal data ever 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 loan?