The Home Affordable Refinance Program (HARP) loan permits many homeowners in Pasco County to refinance their underwater homes when it was previously impossible. If you are among the many who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently be of assistance to you with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Information
The Making Home Affordable Program, which was created and launched in 2009, helps a great number of home owners who had been previously unable to get refinancing for their mortgage loan. Caused by total declines throughout the market and property values, home owners were having problems spending money on more than they can afford on their homes. Amongst the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, qualified homeowners of Land Oï¿½ Lakes, FL with HARP Refinancing could possibly get a decreased payment for their home loan and save a lot of money over the long haul.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because mortgages that have an LTV in excess of 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was needed to allow for as many people as possible to start spending less on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally been subject to quite a few adjustments permitting added flexibility for approval. At this time, the HARP program available is known as HARP 2.0 and provides more flexible qualification specifications. Below is a summary of the historical past and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program is providing serious relief for Land Oï¿½ Lakes home owners that were not able to refinance their home in the past due to falling home values. The latest 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 prominent change. It indicates no more limits on how much money a homeowner currently owes on their home vs. how much money their property is currently worth! Land Oï¿½ Lakes, FL home owners upside-down or under water with their home loan will have some assistance. The best part is, there are a reduced amount of restrictive credit guidelines set up. Most of the other government relief refinance loan programs in the past have fallen short of honestly aiding home-owners to refinance their home loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Land Oï¿½ Lakes, FL home-owners have deparately needed for way too long. Despite who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist as long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The main points of the program are based on what is increasingly being reviewed but it is unknown what the finished program may offer or if it will even pass through Government red tape. The government has assumed that it would probably help over 20 million borrowers and save families an average of $300 a month on monthly mortgage payments, that may total $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Recommended Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a few minutes without any personal details ever required. You can also call 800-871-2636 7 days a week.
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