The Home Affordable Refinance Program (HARP) loan permits many homeowners in Seminole County to re-finance their under water homes where it was previously unattainable. If you are among the many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly help out with 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 History, Plan Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and launched in 2009, enables many home owners who had been previously unable to get refinancing for their mortgage. By reason of all around declines throughout the market and property values, home owners were having problems spending money on more than they could afford on their homes. Among the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, qualified home owners of Lake Mary, FL with HARP Refinancing could possibly get a lower payment for their home and save yourself thousands of dollars over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgage loans with an LTV of more than 80% are often not able to qualify for traditional loan refinancing options, the HARP program was essential to permit as many people as possible to begin saving money on their payments. As credit seekers needs have changed since the program was implemented, the HARP program has also gone through some modifications to allow for a bit more flexibility for acceptance. Currently, the HARP program offered is identified as HARP 2.0 and offers more flexible qualification specifications. This is the summary of the historical past and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program provides substantial assistance for Lake Mary home owners that were not able to refinance their home in the past due to decreasing home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most prominent modification. What this means is no more limitations on how much a home owner owes on their mortgage verses how much their house is currently worth. Lake Mary home owners upside down or under water in their mortgage will get some relief. In addition to this, there are less restrictive credit regulations in place. Many of the so called government relief refinance programs in the last several years have fallen short of honestly assisting home owners to refinance their home mortgage to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Lake Mary homeowners have needed for so long. Whatever who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist as long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are derived from what is increasingly being reviewed but it is unknown what the final program may offer or if it will even have the chance of passing. The federal government has assumed that it would probably help over 30 million borrowers and save home-owners an average of $200 per month on the monthly mortgage payments, that may total $35-70 billion in savings every year.
HARP 3.0 My Refi (Projected Possible Future Program)
HARP refinance home loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes one minute without any personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?