The Home Affordable Refinance Program (HARP) loan makes it possible for many home owners in Polk County to refinance their under water homes when it was previously unachievable. If you are one of the several who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com will help you to efficiently help you in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Guidelines, and Features
The Making Home Affordable Program, first created and launched in late 2009, lets many homeowners who were previously unable to refinance their mortgage loan. Being a result of all around decreases throughout the market and home values, home owners were stuck paying more than they can afford on their homes. Among the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, approved homeowners of Hillcrest Heights, FL with HARP Refinancing could possibly get a cheaper payment on their home and help you save thousands of dollars in the long run.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on the home loan. Because mortgages that have an LTV more than 80% are often not able to qualify for traditional loan refinancing options, the HARP program was important to allow for 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 also undergone a number of modifications to enable greater flexibility for approval. Presently, the HARP program offered is named HARP 2.0 and offers more flexible qualification conditions. Here is a summary of the history and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program can give essential assistance for Hillcrest Heights home owners that did not refinance their home in the past as a consequence of declining house 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 essential modification. This simply means no more limits on how much a homeowner owes on their mortgage verses how much money their home is currently worth. Hillcrest Heights home owners upside down or under water in their mortgage can get some relief. In addition, there are less restricted credit guidelines implemented. Many of the other government relief refinance programs in the past have fallen short of truly aiding homeowners to refinance their mortgage to a lower interest rate. The current edition of the HARP mortgage program (2.0) provides the help many Hillcrest Heights homeowners have needed for so long. Irrespective of who your existing loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help you on condition that your 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 main points of the program are derived from what is increasingly being discussed but it is unknown what the eventual program will give you or if it will even pass through Government red tape. The government has assumed that it would probably help over 20 million borrowers and save home owners an average of $200 a month on payments, that would total $35-70 billion in savings every year.
HARP 3.0 MYREFI (Proposed Possible Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a few minutes with zero personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage?