The Home Affordable Refinance Program (HARP) loan makes it possible for many home-owners in Baker County to refinance their underwater homes where it was previously not possible. If you are among the many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can help you to efficiently assist in your 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, Plan Requirements, and Updates
The Making Home Affordable Program, first created and initiated in 2009, enables numerous home owners who had been previously struggling to refinance their mortgage. Due to overall decreases in the economy and property values, home owners were having trouble having to pay more than they can afford on their homes. One of the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, qualified residents of Glen St. Mary with HARP Refinancing can usually get a reduced payment on their home loan and help you save lots of money in the long run.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home loans with an LTV of over 80% are often unable to qualify for standard refinancing options, the HARP program was necessary to allow as many people as possible to start lowering costs on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has also undergone some alterations to permit increased flexibility for acceptance. Presently, the HARP program made available is called HARP 2.0 and offers more flexible qualification prerequisites. Here is a review of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers serious assistance for Glen St. Mary home owners that did not refinance their home in the past as a result of declining house values. The latest 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 essential alteration. Meaning no more limits on how much a homeowner currently owes on their mortgage vs. how much money their house is currently worth. Florida home owners upside down or underwater on their home loan will now have some relief. On top of that, there are a reduced amount of restricted credit guidelines implemented. Many of the other government backed home refinance programs in the past have fallen short of honestly helping homeowners to refinance their mortgage to a lower interest rate. The current edition of the HARP mortgage program (2.0) provides the relief many Glen St. Mary, FL homeowners have needed for such a long time. It does not matter who your actual loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you provided that your mortgage loan is at present 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 are derived from what is currently being discussed but it is not known what the finalized program can provide or if it will even have the chance of passing. The government has assumed that it would most likely help over 30 million borrowers and save families an average of $400 a month on payments, which might add up to $35-70 billion in savings every year.
HARP 3 MYREFI (Projected Potential Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a few minutes with no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage?