The Home Affordable Refinance Program (HARP) loan permits a large number of home owners in Lake County to re-finance their under water homes when it was previously unattainable. If you are among the numerous who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly help out with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and started in late 2009, enables a large number of home owners who had been previously unable to refinance their mortgage. Simply because of complete decreases in the economy and home value decline, home owners were having trouble spending money on more than they could afford on their homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing approach, qualified residents of Lady Lake, FL with HARP Refinancing can get a more affordable payment for their mortgage loan and help you save a lot of money over the years.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on the mortgage loan. Because home loans that have an LTV more than 80% are often not able to qualify for standard refinancing options, the HARP program was important to let as many people as possible to begin lowering costs on their monthly mortgage payments. As borrowers needs have changed since the program began, the HARP program has additionally undergone some changes to allow for greater flexibility for approval. At this time, the HARP program sold is labeled HARP 2.0 and gives more flexible qualification requirements. Here is a review of the background and development of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program provides critical assistance for Lady Lake home owners that could not refinance their home in the past on account of declining 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 vital modification. What this means is no more restrictions on how much money a homeowner owes on their mortgage loan vs. how much their house is currently worth. Florida homeowners upside-down or under water in their mortgage loan will have some relief. In addition to this, there are also less restrictive credit guidelines installed. Most of the other government backed loan refinancing programs in the last several years have fallen short of truly aiding homeowners to refinance their mortgage loan to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) provides the help many Lady Lake home owners have needed for too long. No matter what who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help you as long as your mortgage loan 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 details of the program derive from what is increasingly being reviewed but it is unknown what the ultimate program offers or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save families an average of $200 per month on the monthly payments, that can add to $35-70 billion in financial benefits every year.
HARP 3 My Refi (Planned Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a minute with no personal information ever required. You can also call 800-871-2636 7 days a week.
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