The Home Affordable Refinance Program (HARP) loan allows for many home-owners in Highlands County to refinance their underwater homes where it was previously not possible. If you are among the numerous who qualify for the latest HARP home refinance program, FiveStarsMortgage.com will help you to swiftly assist with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Updates
The Making Home Affordable Program, first created and launched in 2009, allows numerous home owners who were previously struggling to refinance their home loan. As a result of existing declines in the economy and home value decline, homeowners were cornered paying more than they can afford on homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, qualified residents of Lake Placid, FL with HARP Refinancing may get a lesser payment for their mortgage and save yourself thousands of dollars in the long term.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because home loans that have an LTV in excess of 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was essential to permit as many people as possible to begin spending less on their mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has also been through a number of changes to allow a bit more flexibility for approval. At present, the HARP program available is labeled HARP 2.0 and provides more flexible qualification standards. Here is a summary of the background and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers substantial assistance for Lake Placid home owners that did not refinance their home in the past caused by 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 unrestricted loan to value, which is the most vital modification. This indicates no more restrictions on how much a home owner currently owes on their mortgage vs. how much their property is currently worth. Florida homeowners upside down or underwater in their home loan will now have some help. Also, there are a lot less restricted credit regulations installed. Most of the so called government relief refinance loan 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 current version of the HARP mortgage program (2.0) offers the help many Lake Placid home owners have deparately needed for too long. Whatever who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help provided that your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The facts of the program are based upon what is increasingly being discussed but it is not known what the finished program offers or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $250 a month on monthly payments, that can total $35-70 billion in reductions each and every year.
HARP 3 My Refi (Suggested Possible Future Program)
HARP refinance loan application 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 minute and no 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?