The Home Affordable Refinance Program (HARP) loan makes it possible for many homeowners in Dixie County to refinance their underwater homes where it was previously unattainable. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can help you to easily help you with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Criteria, and Updates
The Making Home Affordable Program, which was created and initiated in late 2009, allows for a large number of homeowners who had been previously struggling to get refinancing for their mortgage. Because of the all round decreases in the economy and home value decline, home owners were bogged down paying more than they can afford on their homes. Among the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing approach, eligible home owners of Horseshoe Beach with HARP Refinancing may get a cheaper payment on their home and save yourself thousands of dollars over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio in excess of 80% on the home loan. Because mortgage loans that have an LTV in excess of 80% are often not in a position to qualify for common refinancing options, the HARP program was essential to allow for as many people as possible to start saving money on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through some changes permitting far more flexibility for acceptance. At present, the HARP program sold is labeled HARP 2.0 and offers more flexible qualification requirements. This is a breakdown of the historical past and development of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process provides significant assistance for Horseshoe Beach, FL home owners that could not refinance their home in the past because of decreasing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most prominent change. This simply means no more limitations on how much money a home owner owes on their mortgage loan verses how much money their house is currently worth! Horseshoe Beach homeowners upside-down or underwater with their mortgage loan will have some assistance. In addition to this, there are also less restrictive credit regulations implemented. Many of the so called government relief refinance loan programs in the past have fallen short of actually assisting homeowners to refinance their home mortgage to a lower interest rate. The present variation of the HARP mortgage program (2.0) provides the relief many Horseshoe Beach, FL home owners have needed for too long. No matter what who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance as long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are based upon what is increasingly being discussed but it is not known what the eventual program will provide 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 homeowners an average of $200 per month on monthly payments, that can add to $35-70 billion in reductions yearly.
HARP 3.0 MYREFI (Suggested Future Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes a few minutes and no personal details 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?