The Home Affordable Refinance Program (HARP) loan makes it possible for many home-owners in Pasco County to refinance their underwater homes when it was previously impossible. If you are among the many who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com will help you to easily help you with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Requirements, and Information
The Making Home Affordable Program, first created and launched in 2009, enables many home owners who had been previously helpless to refinance their mortgage. Because of the general declines throughout the market and home values, home owners were cornered having to pay more than they could afford on their homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, eligible residents of Holiday with HARP Refinancing could possibly get a lesser payment on their home and save thousands of dollars over the long haul.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because home mortgages with an LTV in excess of 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was essential to allow for as many people as possible to start spending less on their mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also been subject to a number of adjustments to allow significantly more flexibility for approval. Currently, the HARP program sold is named HARP 2.0 and gives more flexible qualification specifications. Here is a review of the historical past and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program can give considerable assistance for Holiday home owners that could not refinance their home in the past resulting from shrinking 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 prominent change. What this means is no more limits on how much a home owner owes on their home loan vs. how much their home is currently worth! Holiday, FL homeowners upside down or under water in their home loan can get some help. In addition to this, there are less restricted credit guidelines set up. Many of the other government refinance loan programs in the last several years have fallen short of truly aiding home owners to refinance their mortgage to a lower interest rate. The current version of the HARP mortgage program (2.0) provides the relief many Holiday homeowners have deparately needed for so long. Irrespective of who your existing loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist as long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The facts of the program are based upon what is currently being outlined but it is not known what the finalized program offers or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 30 million borrowers and save home owners an average of $350 a month on their payments, that would add up to $35-70 billion in cost savings every year.
HARP 3 My Refi (Suggested Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application only takes one minute and no personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a traditional mortgage loan?