The Home Affordable Refinance Program (HARP) loan lets countless home-owners in Polk County to refinance their under water homes when it was previously unattainable. If you are one of the numerous who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly be of assistance to you in 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 Features
The Making Home Affordable Program, which was created and launched in 2009, allows numerous homeowners who were previously helpless to refinance their mortgage loan. Stemming from common declines throughout the market and property values, home owners were trapped paying more than they could afford on their homes. Amongst the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, approved home owners of Lakeland with HARP Refinancing could get a cheaper payment on their mortgage and help save a lot of money in the long term.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because home mortgages with an LTV of more than 80% are often not in a position to qualify for common loan refinancing options, the HARP program was important to allow for as many people as possible to start saving money on their mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been through a number of modifications to permit far more flexibility for approval. Currently, the HARP program being offered is labeled HARP 2.0 and gives more flexible qualification conditions. Here is a review of the historical past and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program can give substantial assistance for Lakeland, FL home owners that were not able to refinance their home in the past on account of declining home values. The newest 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 essential change. This indicates no more limits on how much a homeowner currently owes on their mortgage loan verses how much their house is currently worth. Lakeland home owners upside down or under water in their mortgage loan will have some relief. In addition to this, there are fewer restrictive credit regulations implemented. Many of the so called government relief loan refinancing programs in the last several years have fallen short of honestly aiding home owners to refinance their home loan to a lower rate of interest. The current version of the HARP mortgage program (2.0) provides the relief many Lakeland home owners have deparately needed for so long. Irrespective of who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist as long as your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The details of the program are based on what is increasingly being reviewed 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 a month on the monthly mortgage payments, that can total $35-70 billion in financial benefits annually.
HARP 3 My Refi (Planned Potential Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?