The Home Affordable Refinance Program (HARP) loan would allow a great number of home-owners in Columbia County to refinance their underwater homes where it was previously unattainable. If you are one of the several who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to easily assist with your home 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, Eligibility Prerequisites, and Changes
The Making Home Affordable Program, first created and started in late 2009, enables a large number of home owners who were previously helpless to get refinancing for their home loan. Attributed to overall decreases throughout the market and property value decline, home owners were having problems spending money on more than they could afford on their homes. One of the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, qualified home owners of Lake City with HARP Refinancing could possibly get a lesser payment on their home and save lots of money over the years.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home mortgages with an LTV in excess of 80% are often not in a position to qualify for typical loan refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been subject to some alterations to permit extra flexibility for acceptance. Presently, the HARP program offered is known as HARP 2.0 and gives more flexible qualification conditions. Here is a breakdown of the history and development of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program provides significant assistance for Lake City home owners that did not refinance their home in the past resulting from decreasing house values. The latest 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 essential alteration. It indicates no more restrictions on how much a home owner owes on their mortgage loan vs. how much their home is currently worth. Florida home-owners upside down or under water with their mortgage can get some assistance. Also, there are also a reduced amount of restrictive credit regulations implemented. Most of the other government relief refinance programs in the past have fallen short of truly helping home-owners to refinance their home mortgage to a lower rate of interest. The current rendition of the HARP mortgage program (2.0) offers the relief many Lake City, FL home-owners have needed for too long. No matter what who your actual loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist provided that your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The facts of the program are based upon what is currently being outlined but it is unknown what the final program will offer you 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 home-owners an average of $250 a month on mortgage payments, which could add up to $35-70 billion in cost savings every year.
HARP 3.0 MYREFI (Proposed Possible Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a few minutes with no personal data required. You can also call 800-871-2636 7 days a week.
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