The Home Affordable Refinance Program (HARP) loan enables many home owners in Pasco County to re-finance their under water homes when it was previously unachievable. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com will help you to easily be of assistance to you with your mortgage. 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, which was created and launched in late 2009, helps a large number of homeowners who had been previously struggling to get refinancing for their mortgage loan. As a consequence of all round decreases in the economy and home value decline, homeowners were bogged down having to pay more than they can afford on their homes. One of the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, eligible homeowners of New Port Richey with HARP Refinancing may get a decreased payment for their home loan and save lots of money over the years.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of over 80% on their mortgage loan. Because home mortgages with an LTV more than 80% are often unable to qualify for traditional mortgage refinancing options, the HARP program was needed to allow as many people as possible to start spending less on their mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been through some alterations to allow far more flexibility for approval. At present, the HARP program made available is often called HARP 2.0 and gives more flexible qualification standards. Below is a breakdown of the history and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program is providing substantial relief for New Port Richey, FL home owners that could not refinance their home in the past resulting from decreasing home values. The latest 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 vital alteration. This indicates no more limitations on how much money a home owner owes on their mortgage verses how much their property is currently worth. New Port Richey, FL home-owners upside-down or under water in their home loan will get some help. Also, there are a reduced amount of restrictive credit regulations set up. Many of the other government backed refinance programs in the past have fallen short of actually helping homeowners to refinance their home mortgage to a lower rate of interest. The current version of the HARP mortgage program (2.0) provides the help many New Port Richey, FL home owners have deparately needed for way too long. Regardless of who your existing loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist providing your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The specifics of the program are based upon what is increasingly being reviewed but it is not known what the eventual program will provide or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 30 million borrowers and save families an average of $400 a month on payments, which could total $35-70 billion in cost savings yearly.
HARP 3.0 My Refi (Planned Potential Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes one minute with zero personal data ever required. You can also call 800-871-2636 7 days a week.
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