The Home Affordable Refinance Program (HARP) loan would allow a large number of home-owners in Seminole County to refinance their underwater homes when it was previously impossible. If you are one of the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com will help you to quickly 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 History, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, first created and initiated in late 2009, allows a large number of home owners who were previously struggling to get refinancing for their mortgage. Due to the common decreases throughout the market and property value decline, home owners were stuck spending money on more than they can afford on their homes. Amongst the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing approach, qualified home owners of Lake Monroe, FL with HARP Refinancing could get a cheaper payment for their home loan and help save a lot of money over time.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home mortgages with an LTV in excess of 80% are often not able to qualify for typical loan refinancing options, the HARP program was needed to enable as many people as possible to begin spending less on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been through a number of changes permitting far more flexibility for approval. Currently, the HARP program offered is labeled HARP 2.0 and offers more flexible qualification conditions. Here is a breakdown of the background and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process gives sizeable assistance for Lake Monroe home owners that were not able to refinance their home in the past due to shrinking house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most significant alteration. This indicates no more limitations on how much money a home owner currently owes on their mortgage verses how much their house is currently worth! Lake Monroe, FL home owners upside-down or under water with their mortgage loan will now have some help. Also, there are also less restrictive credit guidelines installed. Most of the so called government refinance loan programs in the last several years have fallen short of actually helping home-owners to refinance their mortgage loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Lake Monroe home owners have needed for way too long. Regardless of who your loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to assist on condition that your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The important points of the program are based upon what is currently being discussed but it is unknown what the final program will offer or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 20 million borrowers and save home owners an average of $350 per month on the monthly mortgage payments, that may add to $35-70 billion in financial benefits each year.
HARP 3.0 My Refi (Projected Potential Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a few minutes and no personal information required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?