The Home Affordable Refinance Program (HARP) loan helps many home-owners in Lake County to refinance their under water homes when it was previously not possible. If you are among the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to easily be of assistance to you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Guidelines, and Changes
The Making Home Affordable Program, first created and launched in 2009, enables a large number of homeowners who were previously helpless to get refinancing for their mortgage loan. Caused by all around decreases in the economy and property values, homeowners were having difficulty spending money on more than they could afford on homes. One of the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing process, qualified residents of Mount Dora with HARP Refinancing could get a decreased payment for their mortgage and save yourself lots of money over the years.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio of over 80% on their home loan. Because home loans that have an LTV more than 80% are often unable to qualify for common refinancing options, the HARP program was necessary to permit as many people as possible to begin saving money on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also been through quite a few modifications permitting added flexibility for acceptance. Presently, the HARP program made available is known as HARP 2.0 and offers more flexible qualification specifications. Below is a breakdown of the historical past and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program can give essential assistance for Mount Dora home owners that did not refinance in the past as a result of shrinking house values. The new 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 vital alteration. It indicates no more limits on how much a home owner currently owes on their mortgage loan verses how much their house is currently worth! Mount Dora, FL home-owners upside down or under water with their home loan will have some assistance. Moreover, there are a lot less restricted credit guidelines installed. Many of the other government relief loan refinancing programs in the past have fallen short of truly aiding home owners to refinance their mortgage to a lower rate of interest. The present edition of the HARP mortgage program (2.0) offers the help many Mount Dora, FL home owners have needed for so long. Whatever who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The specifics of the program are based upon what is currently being reviewed but it is unknown what the finished program can provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $300 a month on their mortgage payments, that can total $35-70 billion in reductions each and every year.
HARP 3.0 My Refi (Suggested Possible Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a minute and no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a traditional mortgage loan?