The Home Affordable Refinance Program (HARP) loan allows for a large number of homeowners in Monroe County to re-finance their under water homes where it was previously unachievable. If you are among the many who qualify for the latest HARP refinancing program, FiveStarsMortgage.com will help you to efficiently assist in your home 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 Guidelines, and Information
The Making Home Affordable Program, which was created and launched in late 2009, allows a large number of homeowners who had been previously struggling to refinance their mortgage loan. A result of basic declines in the economy and home values, home owners were trapped spending money on more than they could afford on their homes. Amongst the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing approach, eligible home owners of Layton with HARP Refinancing could possibly get a more affordable payment for their mortgage and save thousands of dollars over the long haul.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of over 80% on their mortgage loan. Because home loans with an LTV of over 80% are often not in a position to qualify for standard refinancing options, the HARP program was important to permit as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through quite a few changes to enable extra flexibility for acceptance. Currently, the HARP program available is often called HARP 2.0 and offers more flexible qualification prerequisites. This is the summary of the background and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program provides serious relief for Layton home owners that were not able to refinance their home in the past as a consequence of diminishing house 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 prominent adjustment. This simply means no more limits on how much money a home owner owes on their mortgage loan verses how much their house is currently worth. Layton home-owners upside-down or under water on their mortgage will have some assistance. On top of that, there are a lot less restrictive credit guidelines in place. Many of the so called government relief refinance loan programs in the last several years have fallen short of truly assisting homeowners to refinance their home mortgage to a lower interest rate. The latest version of the HARP mortgage program (2.0) provides the relief many Layton, FL home-owners have needed for way too long. Regardless of who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help 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 provided is speculation. The main points of the program are derived from what is currently being outlined but it is not known what the eventual program offers or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $200 a month on monthly payments, which might total $35-70 billion in financial benefits each year.
HARP 3 MYREFI (Planned Possible Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes one minute and no personal information ever required. You can also call 800-871-2636 7 days a week.
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