The Home Affordable Refinance Program (HARP) loan would allow a large number of homeowners in Marion County to re-finance their under water homes when it was previously impossible. If you are one of the numerous who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can help you to efficiently help you with your mortgage. 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 a large number of homeowners who were previously helpless to refinance their mortgage. Resulting from all round declines in the economy and home value decline, home owners were bogged down spending more than they could afford on homes. Amongst the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing approach, approved home owners of Fort McCoy, FL with HARP Refinancing could get a smaller payment for their mortgage and help you save lots of money in the long term.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgages with an LTV of over 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was needed to permit as many people as possible to begin lowering costs on their payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally undergone some variations to allow increased flexibility for acceptance. At this time, the HARP program made available is known as HARP 2.0 and gives more flexible qualification conditions. Here is a breakdown of the background and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process provides considerable relief for Fort McCoy home owners that could 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 unrestricted loan to value, which is the most essential change. What this means is no more limitations on how much money a homeowner owes on their mortgage loan vs. how much money their property is currently worth! Fort McCoy, FL home-owners upside-down or under water on their home loan will now get some assistance. On top of that, there are also a lot less restricted credit regulations in place. Many of the other government loan refinancing programs in the past have fallen short of honestly assisting home owners to refinance their mortgage loan to a lower rate of interest. The present version of the HARP mortgage program (2.0) offers the help many Fort McCoy homeowners have deparately needed for way too long. Irrespective of who your actual loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are based on what is currently being outlined but it is unknown what the finalized program may offer or if it will even pass. The federal government has assumed that it would most likely help over 30 million borrowers and save families an average of $300 per month on payments, which might total $35-70 billion in reductions annually.
HARP 3.0 My Refi (Proposed Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a moment and no personal information ever 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?