The Home Affordable Refinance Program (HARP) loan enables many homeowners in Gadsden County to re-finance their underwater homes when it was previously impossible. If you are among the numerous who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to easily help you with 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, Eligibility Prerequisites, and Features
The Making Home Affordable Program, which was created and started in late 2009, helps numerous home owners who were previously unable to refinance their home loan. Mainly because of general decreases throughout the market and property values, homeowners were having difficulty spending money on more than they could afford on their homes. Amongst the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing approach, eligible homeowners of Greensboro, FL with HARP Refinancing could get a cheaper payment for their home and save yourself thousands of dollars over the long haul.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio in excess of 80% on the mortgage loan. Because home mortgages that have an LTV in excess of 80% are often not in a position to qualify for typical mortgage refinancing options, the HARP program was essential to allow for as many people as possible to begin spending less on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has also undergone a number of alterations to allow for significantly more flexibility for acceptance. Right now, the HARP program sold is identified as HARP 2.0 and provides more flexible qualification standards. Below is a review of the historical past and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers substantial relief for Greensboro, FL home owners that could not refinance in the past stemming from reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most vital modification. This indicates no more limits on how much money a homeowner currently owes on their home loan verses how much money their property is currently worth! Greensboro home-owners upside down or under water in their home loan will now get some assistance. Moreover, there are fewer restrictive credit regulations implemented. Most of the other government relief loan refinancing programs in the last several years have fallen short of truly assisting home-owners to refinance their mortgage loan to a lower interest rate. The current edition of the HARP mortgage program (2.0) provides the help many Greensboro, FL home-owners have deparately needed for such a long time. Regardless of who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist provided that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The important points of the program are based on what is increasingly being spoken about but it is unknown what the ultimate program will offer or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $400 a month on their mortgage payments, that can add to $35-70 billion in cost savings each year.
HARP 3.0 My Refi (Projected Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a minute with no personal details required. You can also call 800-871-2636 7 days a week.
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