The Home Affordable Refinance Program (HARP) loan allows for countless home-owners in Polk County to refinance their underwater homes when it was previously impossible. If you are one of the numerous who qualify for the new HARP refinancing program, FiveStarsMortgage.com will help you to swiftly help you with the home 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 Criteria, and Changes
The Making Home Affordable Program, which was created and initiated in 2009, helps a large number of home owners who were previously struggling to refinance their home loan. Through common decreases in the economy and home values, home owners were having problems having to pay more than they can afford on homes. Amongst the main benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, qualified home owners of Lake Hamilton with HARP Refinancing may get a decreased payment on their mortgage and save yourself thousands of dollars in the long term.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio in excess of 80% on the home loan. Because mortgages with an LTV more than 80% are often unable to qualify for typical refinancing options, the HARP program was essential to let as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also gone through some modifications to allow for a bit more flexibility for acceptance. At present, the HARP program offered is named HARP 2.0 and gives more flexible qualification specifications. Here is a summary of the history and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program can give major relief for Lake Hamilton, FL home owners that could not refinance in the past as a result of diminishing house values. The new 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 adjustment. What this means is no more restrictions on how much a home owner currently owes on their mortgage verses how much money their home is currently worth. Lake Hamilton, FL home owners upside down or underwater on their mortgage loan can get some help. In addition, there are a lot less restricted credit guidelines installed. Most of the other government refinance programs in the past have fallen short of honestly supporting home owners to refinance their mortgage to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) offers the help many Lake Hamilton home-owners have deparately needed for way too long. Whatever who your actual loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist on condition that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The main points of the program are based upon what is increasingly being discussed but it is unknown what the ultimate program will provide or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save home owners an average of $400 per month on monthly mortgage payments, that may add up to $35-70 billion in reductions annually.
HARP 3 MYREFI (Recommended Possible Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a minute without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage loan?