The Home Affordable Refinance Program (HARP) loan makes it possible for a great number of home-owners in Lake County to re-finance their under water homes where it was previously not possible. If you are one of many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently assist in 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, Plan Prerequisites, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, helps numerous home owners who were previously struggling to refinance their mortgage. Stemming from complete decreases throughout the market and home values, homeowners were trapped spending money on more than they could afford on their homes. Amongst the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, approved residents of Leesburg, FL with HARP Refinancing can usually get a lower payment for their home loan and help you save lots of money in the long run.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because home mortgages with an LTV of more than 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was important to allow as many people as possible to begin lowering costs on their monthly payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been subject to some changes to allow for more flexibility for acceptance. At this time, the HARP program offered is identified as HARP 2.0 and gives more flexible qualification conditions. Here is a breakdown of the background and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process can give critical assistance for Leesburg, FL home owners that were not able to refinance in the past on account of falling house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most essential modification. This indicates no more limitations on how much money a home owner currently owes on their mortgage loan verses how much their property is currently worth! Leesburg, FL homeowners upside down or under water on their home loan will have some assistance. The best part is, there are also fewer restrictive credit guidelines implemented. Many of the so called government relief refinance programs in the last several years have fallen short of honestly helping home owners to refinance their mortgage loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) offers the help many Leesburg property owners have deparately needed for way too long. No matter what who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The important points of the program derive from what is increasingly being discussed but it is not known what the ultimate program will give you or if it will even pass. The federal government has assumed that it would most likely help over 30 million borrowers and save families an average of $200 per month on mortgage payments, that would add to $35-70 billion in financial benefits annually.
HARP 3.0 My Refi (Recommended Potential Future Program)
HARP refinance home loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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