The Home Affordable Refinance Program (HARP) loan will permit countless home owners in Orange County to refinance their underwater homes where it was previously unachievable. If you are one of the numerous who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to quickly help out with 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 Qualifications, Eligibility Guidelines, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, enables numerous homeowners who were previously unable to get refinancing for their home loan. Due to all round declines throughout the market and home value decline, homeowners were stuck having to pay more than they can afford on their homes. Among the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, approved homeowners of Maitland with HARP Refinancing can get a smaller payment on their home loan and help save thousands of dollars over the years.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because home loans with an LTV more than 80% are often unable to qualify for traditional refinancing options, the HARP program was necessary to allow as many people as possible to start lowering costs on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also undergone some adjustments permitting increased flexibility for approval. At present, the HARP program available is labeled HARP 2.0 and offers more flexible qualification specifications. This is the breakdown of the background and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process is providing critical relief for Maitland, FL home owners that could not refinance their home in the past on account of reducing 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 LTV, which is the most prominent alteration. Therefore no more restrictions on how much money a homeowner owes on their home loan verses how much their house is currently worth! Maitland home-owners upside-down or under water with their home loan can have some relief. Moreover, there are also a reduced amount of restrictive credit regulations set up. Most of the so called government loan refinancing programs in the last several years have fallen short of honestly helping homeowners to refinance their mortgage loan to a lower interest rate. The present variation of the HARP mortgage program (2.0) offers the help many Maitland homeowners have needed for such a long time. No matter what who your existing loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can assist so long as your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The facts of the program are derived from what is currently being outlined but it is not known what the finished program will offer or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save families an average of $300 per month on their mortgage payments, which might add to $35-70 billion in savings each year.
HARP 3.0 My Refi (Projected 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 short application only takes a moment with zero personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage?