The Home Affordable Refinance Program (HARP) loan makes it possible for a great number of home-owners in Hamilton County to re-finance their under water homes when it was previously out of the question. If you are among the many who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to easily assist with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Changes
The Making Home Affordable Program, first created and launched in 2009, allows a large number of homeowners who were previously unable to get refinancing for their mortgage. Due to the all around decreases throughout the market and home values, homeowners were trapped spending more than they can afford on their homes. One of the main benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, qualified residents of Jennings with HARP Refinancing could possibly get a lesser payment on their mortgage and save lots of money over time.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of over 80% on the home loan. Because mortgage loans with an LTV of over 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was essential to enable as many people as possible to begin saving money on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally been subject to a number of adjustments to allow extra flexibility for approval. At present, the HARP program being offered is often called HARP 2.0 and offers more flexible qualification specifications. Below is a breakdown of the historical past and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program can give major assistance for Jennings, FL home owners that could not refinance in the past as a consequence of declining 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 loan to value, which is the most significant modification. This indicates no more restrictions on how much money a home owner currently owes on their home loan verses how much money their home is currently worth. Jennings, FL home-owners upside down or underwater on their mortgage loan can have some relief. Also, there are less restricted credit guidelines implemented. Most of the so called government relief loan refinancing programs in the past have fallen short of truly supporting home-owners to refinance their mortgage loan to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) provides the help many Jennings, FL property owners have needed for way too long. Irrespective of who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help provided that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based upon what is currently being spoken about but it is unknown what the finished program offers or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 per month on their mortgage payments, which could total $35-70 billion in reductions every year.
HARP 3 MYREFI (Proposed Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a moment and no personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?