The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of homeowners in Hendry County to refinance their underwater homes when it was previously unachievable. If you are among the many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can assist you to quickly be of assistance to you in 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 Historical Background, Plan Criteria, and Enhancements
The Making Home Affordable Program, first created and initiated in 2009, lets many homeowners who were previously struggling to get refinancing for their home loan. By way of all round declines in the economy and property value decline, home owners were having difficulty spending more than they could afford on homes. One of the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, approved residents of LaBelle, FL with HARP Refinancing could get a smaller payment on their mortgage loan and help save thousands of dollars in the long term.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because home loans with an LTV of more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was important to allow for as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also undergone a number of changes to permit more flexibility for acceptance. At present, the HARP program provided is called HARP 2.0 and provides more flexible qualification specifications. This is a review of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program is providing critical relief for LaBelle home owners that could not refinance in the past caused by dropping house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most significant modification. Therefore no more limits on how much money a homeowner currently owes on their mortgage loan verses how much their home is currently worth! Florida homeowners upside-down or under water in their mortgage will get some help. In addition, there are less restricted credit regulations implemented. Most of the other government home refinance programs in the last several years have fallen short of honestly supporting home owners to refinance their mortgage loan to a lower rate of interest. The present edition of the HARP mortgage program (2.0) offers the relief many LaBelle home owners have needed for so long. Whatever who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are based upon what is currently being outlined but it is unknown what the ultimate program offers 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 families an average of $350 a month on the monthly payments, that may add up to $35-70 billion in savings each and every year.
HARP 3.0 MYREFI (Projected Potential Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a minute with zero personal info ever required. You can also call 800-871-2636 7 days a week.
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