The Home Affordable Refinance Program (HARP) loan permits a great number of home owners in Volusia County to refinance their under water homes where it was previously out of the question. If you are one of the several who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com will help you to efficiently assist with 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 Historical Background, Eligibility Guidelines, and Updates
The Making Home Affordable Program, first created and started in 2009, allows numerous home owners who had been previously struggling to get refinancing for their home loan. By reason of common decreases throughout the market and property value decline, home owners were stuck having to pay more than they can afford on their homes. One of the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing program, approved residents of Holly Hill, FL with HARP Refinancing could get a reduced payment for their home and help you save a lot of money over time.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because mortgages that have an LTV of over 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 lowering costs on their payments. As credit seekers expectations have changed since the program began, the HARP program has additionally gone through some improvements to permit much more flexibility for acceptance. At present, the HARP program sold is labeled HARP 2.0 and provides more flexible qualification standards. Here is a summary of the background and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program is providing serious assistance for Holly Hill home owners that could not refinance in the past because of dropping house values. The modern 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 prominent modification. It indicates no more restrictions on how much money a home owner owes on their home loan verses how much their house is currently worth! Holly Hill home-owners upside down or underwater with their home loan will now have some relief. In addition, there are also fewer restrictive credit regulations set up. Most of the so called government refinance programs in the last several years have fallen short of honestly supporting home-owners to refinance their mortgage loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Holly Hill, FL homeowners have deparately needed for so long. Whatever who your loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist on condition that your 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 specifics of the program derive from what is currently being reviewed but it is unknown what the final program can provide or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $200 per month on payments, which could add to $35-70 billion in savings every year.
HARP 3 My Refi (Proposed Possible Future Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes one minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage?