The Home Affordable Refinance Program (HARP) loan will permit a large number of home owners in Putnam County to re-finance their underwater homes where it was previously unachievable. If you are one of the many who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Requirements, and Changes
The Making Home Affordable Program, which was created and launched in 2009, lets a large number of homeowners who had been previously helpless to refinance their home loan. Attributable to total decreases in the economy and home values, homeowners were having difficulty spending money on more than they can afford on their homes. Amongst the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, eligible homeowners of Interlachen with HARP Refinancing can usually get a more affordable payment for their home and help you save lots of money over the long haul.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home loans with an LTV of more than 80% are often not able to qualify for conventional loan refinancing options, the HARP program was necessary to enable as many people as possible to begin lowering costs on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally been subject to quite a few changes to allow for significantly more flexibility for approval. Currently, the HARP program provided is called HARP 2.0 and provides more flexible qualification conditions. Here is a breakdown of the historical past and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process gives considerable relief for Interlachen, FL home owners that were not able to refinance in the past as a result of declining 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 LTV, which is the most prominent alteration. Meaning no more restrictions on how much a homeowner currently owes on their mortgage loan vs. how much money their property is currently worth. Interlachen home owners upside-down or underwater in their mortgage loan will now have some help. Also, there are also a lot less restricted credit regulations installed. Many of the so called government backed home refinance programs in the last several years have fallen short of truly supporting home-owners to refinance their home mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) provides the relief many Interlachen home-owners have deparately needed for too long. Irrespective of who your existing loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance providing your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The facts of the program are derived from what is currently being spoken about but it is not known what the final program will offer 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 $300 a month on mortgage payments, that could total $35-70 billion in savings each and every year.
HARP 3.0 MYREFI (Proposed Potential Future Program)
HARP refinance loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a few minutes without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?