The Home Affordable Refinance Program (HARP) loan will allow countless homeowners in Hernando County to re-finance their under water homes when it was previously unattainable. If you are one of many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can assist you to swiftly help out 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 History, Plan Guidelines, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, allows a large number of home owners who had been previously struggling to get refinancing for their mortgage loan. Simply because of common declines throughout the market and property value decline, homeowners were stuck paying more than they can afford on homes. Among the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, eligible residents of Istachatta with HARP Refinancing could possibly get a lesser payment on their home loan and save yourself thousands of dollars over time.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because mortgage loans that have an LTV more than 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was necessary to enable as many people as possible to start spending less on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally undergone a number of adjustments to allow added flexibility for approval. Presently, the HARP program sold is often called HARP 2.0 and provides more flexible qualification prerequisites. This is a review of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program can give serious assistance for Istachatta, FL home owners that were not able to refinance in the past as a result of diminishing house values. The latest 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 modification. This means no more restrictions on how much a homeowner currently owes on their mortgage vs. how much their house is currently worth! Florida home-owners upside-down or underwater in their home loan will now get some assistance. In addition to this, there are less restrictive credit regulations in place. Many of the other government backed refinance loan programs in the past have fallen short of honestly assisting home owners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the relief many Istachatta, FL home-owners have needed for so long. Whatever who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist so long as your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The main points of the program are based upon what is currently being spoken about but it is not known what the final program will offer you or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save families an average of $200 per month on mortgage payments, that could total $35-70 billion in savings each and every year.
HARP 3.0 My Refi (Recommended Possible Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes a minute and no personal information required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage loan?