The Home Affordable Refinance Program (HARP) loan will allow countless home-owners in Hillsborough County to re-finance their underwater homes when it was previously out of the question. If you are one of the many who qualify for the latest HARP refinance program, FiveStarsMortgage.com will help you to quickly help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, first created and launched in 2009, lets a great number of homeowners who were previously helpless to refinance their mortgage loan. Attributed to complete declines in the economy and home value decline, homeowners were having trouble having to pay more than they can afford on homes. One of the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new refinancing approach, qualified residents of Gibsonton, FL with HARP Refinancing could possibly get a smaller payment for their home and help save lots of money in the long run.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because home loans with an LTV more than 80% are often not able to qualify for common loan refinancing options, the HARP program was important to allow for as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been through some improvements to allow far more flexibility for approval. At present, the HARP program being offered is called HARP 2.0 and gives more flexible qualification requirements. Below is a breakdown of the historical past and expansion of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program offers substantial relief for Gibsonton, FL home owners that did not refinance their home in the past on account of diminishing 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 vital modification. This indicates no more limits on how much money a homeowner currently owes on their home verses how much their property is currently worth. Florida home owners upside-down or under water with their mortgage loan can have some help. The best part is, there are also a reduced amount of restricted credit guidelines set up. Most of the other government relief loan refinancing programs in the past have fallen short of actually aiding home-owners to refinance their mortgage to a lower interest rate. The present version of the HARP mortgage program (2.0) offers the relief many Gibsonton, FL homeowners have needed for way too long. Regardless of who your existing loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist providing your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program derive from what is currently being spoken about but it is not known what the final program offers or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $200 a month on their monthly mortgage payments, that may add up to $35-70 billion in savings each year.
HARP 3 My Refi (Projected Potential Future Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a minute with zero personal data ever required. You can also call 800-871-2636 7 days a week.
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