The Home Affordable Refinance Program (HARP) loan enables a large number of home owners in Volusia County to re-finance their under water homes when it was previously unachievable. If you are among the numerous who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to easily assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Updates
The Making Home Affordable Program, first created and initiated in late 2009, allows a large number of homeowners who were previously struggling to refinance their mortgage loan. Attributable to complete declines throughout the market and property values, homeowners were stuck spending more than they could afford on their homes. Among the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing approach, eligible residents of Lake Helen, FL with HARP Refinancing can usually get a smaller payment on their mortgage and help save lots of money over time.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because home mortgages that have an LTV of more than 80% are often not able to qualify for typical loan refinancing options, the HARP program was important to allow for as many people as possible to start saving money on their payments. As borrowers demands have changed since the program began, the HARP program has also undergone some improvements permitting extra flexibility for approval. At this time, the HARP program being offered is known as HARP 2.0 and gives more flexible qualification conditions. Below is a summary of the historical past and development of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process is providing significant assistance for Lake Helen, FL home owners that could not refinance in the past stemming from dropping house values. The modern 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 vital adjustment. This indicates no more limitations on how much a homeowner currently owes on their mortgage loan vs. how much money their house is currently worth. Lake Helen, FL homeowners upside down or under water with their home loan can have some relief. On top of that, there are also a lot less restrictive credit regulations installed. Most of the so called government relief refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower interest rate. The latest edition of the HARP mortgage program (2.0) provides the relief many Lake Helen, FL home owners have needed for way too long. No matter what who your actual loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The important points of the program are based upon what is currently being spoken about but it is not known what the finalized program offers or if it will even have the chance of passing. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $250 per month on the mortgage payments, which could total $35-70 billion in savings each and every year.
HARP 3 My Refi (Suggested 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 short application only takes a few minutes with zero personal data required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage?