The Home Affordable Refinance Program (HARP) loan will permit many home owners in Osceola County to re-finance their underwater homes when it was previously not possible. If you are one of the many who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com will help you to efficiently help out with your 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 Requirements, and Enhancements
The Making Home Affordable Program, which was created and started in late 2009, allows for numerous homeowners who were previously struggling to get refinancing for their mortgage. Because of all round decreases in the economy and home values, homeowners were having trouble spending more than they could afford on their homes. Amongst the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, qualified home owners of Kissimmee, FL with HARP Refinancing could get a lesser payment on their mortgage loan and help you save thousands of dollars in the long term.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on the home loan. Because home loans that have an LTV of more than 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was important to let as many people as possible to start spending less on their payments. As borrowers needs have changed since the program began, the HARP program has additionally undergone quite a few changes to enable added flexibility for approval. Currently, the HARP program offered is called HARP 2.0 and gives more flexible qualification standards. This is a summary of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process is providing substantial assistance for Kissimmee home owners that did not refinance their home in the past as a result of declining house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most critical change. Meaning no more restrictions on how much money a homeowner owes on their home loan verses how much their house is currently worth! Florida homeowners upside down or underwater with their mortgage can have some help. Moreover, there are also less restricted credit guidelines set up. Most of the other government home refinance programs in the past have fallen short of honestly assisting homeowners to refinance their home mortgage to a lower rate of interest. The current rendition of the HARP mortgage program (2.0) provides the help many Kissimmee, FL homeowners have deparately needed for so long. It does not matter who your current loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to assist so long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The details of the program are derived from what is currently being reviewed but it is not known what the ultimate program may offer or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $300 per month on payments, which might add up to $35-70 billion in cost savings annually.
HARP 3 MYREFI (Proposed Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes one minute without any personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?