The Home Affordable Refinance Program (HARP) loan makes it possible for countless home-owners in Suwannee County to refinance their underwater homes where it was previously impossible. If you are one of the several who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to easily be of assistance to you in your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Requirements, and Features
The Making Home Affordable Program, first created and launched in 2009, allows for many home owners who were previously helpless to refinance their mortgage loan. Being a result of all round declines in the economy and home value decline, home owners were cornered spending more than they can afford on their homes. Among the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing process, qualified homeowners of Live Oak with HARP Refinancing could get a more affordable payment on their home and help save thousands of dollars in the long term.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on their home loan. Because home mortgages that have an LTV more than 80% are often not able to qualify for typical refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally gone through quite a few alterations to permit greater flexibility for acceptance. Presently, the HARP program provided is labeled HARP 2.0 and offers more flexible qualification specifications. This is the breakdown of the historical past and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program provides considerable assistance for Live Oak home owners that did not refinance in the past as a result of diminishing 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 important adjustment. This indicates no more limitations on how much a homeowner currently owes on their mortgage loan verses how much money their property is currently worth. Florida homeowners upside down or under water with their mortgage will get some relief. On top of that, there are less restricted credit regulations installed. Most of the other government backed refinance programs in the last several years have fallen short of truly assisting home-owners to refinance their home loan to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) provides the relief many Live Oak, FL property owners have needed for too long. No matter what who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance as long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are based upon what is currently being spoken about but it is not known what the finalized program will offer you or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save families an average of $400 a month on their monthly payments, that would total $35-70 billion in savings yearly.
HARP 3.0 MYREFI (Planned Potential Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application only takes a moment with zero personal info required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?