The Home Affordable Refinance Program (HARP) loan would allow many home owners in Seminole County to refinance their under water homes when it was previously unattainable. If you are one of the many who qualify for the new HARP refinancing program, FiveStarsMortgage.com can assist you to swiftly help out with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Requirements, and Enhancements
The Making Home Affordable Program, first created and launched in late 2009, enables many homeowners who were previously helpless to refinance their home loan. Attributable to general decreases in the economy and property values, homeowners were bogged down having to pay more than they can afford on their homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, eligible homeowners of Fern Park with HARP Refinancing could get a decreased payment on their mortgage loan and help save a lot of money over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because home mortgages with an LTV more than 80% are often not in a position to qualify for common refinancing options, the HARP program was essential to let as many people as possible to start spending less on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also gone through quite a few changes to enable far more flexibility for approval. Presently, the HARP program made available is called HARP 2.0 and provides more flexible qualification standards. This is the summary of the history and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program can give serious relief for Fern Park, FL home owners that could not refinance their home in the past as a consequence of diminishing 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 loan to value, which is the most critical alteration. This means no more limits on how much a homeowner currently owes on their home loan vs. how much their house is currently worth. Fern Park home-owners upside-down or underwater with their mortgage loan can have some relief. Moreover, there are less restrictive credit regulations in place. Most of the other government refinance programs in the past have fallen short of honestly assisting home owners to refinance their home mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) offers the help many Fern Park homeowners have deparately needed for so long. Despite who your actual loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you providing your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based on what is increasingly being spoken about but it is not known what the eventual program will offer or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $250 a month on their payments, that can add to $35-70 billion in cost savings each year.
HARP 3 My Refi (Suggested Potential Program)
HARP refinance home loan application form 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 few minutes without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a conventional mortgage loan?