The Home Affordable Refinance Program (HARP) loan will permit many home-owners in Jackson County to refinance their underwater homes where it was previously unattainable. If you are among the many who qualify for the newest HARP refinancing program, FiveStarsMortgage.com can assist you to quickly help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Guidelines, and Features
The Making Home Affordable Program, first created and initiated in late 2009, allows for a great number of homeowners who were previously helpless to refinance their mortgage. Through overall decreases throughout the market and property values, home owners were having problems spending money on more than they could afford on their homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, eligible homeowners of Jacob City, FL with HARP Refinancing can usually get a lower payment for their home loan and help save lots of money over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because mortgage loans with an LTV more than 80% are often not able to qualify for standard refinancing options, the HARP program was necessary to allow for as many people as possible to begin lowering costs on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has additionally undergone some improvements to permit increased flexibility for acceptance. Right now, the HARP program being offered is known as HARP 2.0 and offers more flexible qualification conditions. This is a breakdown of the background and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program offers sizeable assistance for Jacob City home owners that did not refinance their home in the past attributable to dropping home values. The newest 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 significant alteration. This indicates no more restrictions on how much a homeowner currently owes on their mortgage loan vs. how much money their property is currently worth. Jacob City home-owners upside-down or under water in their home loan will now get some assistance. The best part is, there are fewer restricted credit guidelines installed. Many of the so called government loan refinancing programs in the past have fallen short of truly helping home-owners to refinance their home loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the relief many Jacob City, FL home owners have deparately needed for such a long time. Whatever who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can assist as long as your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are derived from what is increasingly being discussed but it is not known what the finished program will offer or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $250 per month on the mortgage payments, that could total $35-70 billion in savings annually.
HARP 3 My Refi (Recommended Potential Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes one minute and no personal information required. You can also call 800-871-2636 7 days a week.
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