The Home Affordable Refinance Program (HARP) loan helps a large number of home-owners in Lafayette County to re-finance their underwater homes when it was previously unattainable. If you are one of many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can help you to efficiently help you 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 Background, Eligibility Criteria, and Enhancements
The Making Home Affordable Program, first created and started in 2009, lets a great number of homeowners who had been previously helpless to get refinancing for their mortgage. Through complete declines throughout the market and home value decline, homeowners were having problems paying more than they could afford on their homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing approach, qualified homeowners of Mayo, FL with HARP Refinancing could get a more affordable payment for their home loan and save lots of money in the long run.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on the mortgage. Because home mortgages with an LTV in excess of 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was essential to allow for as many people as possible to begin lowering costs on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally gone through some modifications to allow a bit more flexibility for acceptance. Right now, the HARP program sold is labeled HARP 2.0 and provides more flexible qualification specifications. This is a breakdown of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program is providing sizeable assistance for Mayo home owners that could not refinance in the past as a result of decreasing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most significant alteration. This simply means no more limitations on how much money a home owner currently owes on their home verses how much money their home is currently worth. Florida home-owners upside-down or under water in their mortgage will have some relief. The best part is, there are also a lot less restricted credit regulations set up. Most of the other government backed refinance programs in the past have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower interest rate. The current edition of the HARP mortgage program (2.0) provides the relief many Mayo, FL home owners have deparately needed for so long. It does not matter who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist as 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 based on what is currently being outlined but it is unknown what the finalized program can provide or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $250 a month on their payments, that would add to $35-70 billion in cost savings every year.
HARP 3.0 My Refi (Proposed Potential Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes one minute and no personal information 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 loan?