The Home Affordable Refinance Program (HARP) loan permits countless homeowners in Volusia County to refinance their under water homes when it was previously impossible. If you are one of many who are qualified for the latest HARP refinance program, FiveStarsMortgage.com will help you to quickly help you with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Guidelines, and Changes
The Making Home Affordable Program, first created and initiated in 2009, allows for numerous home owners who had been previously unable to refinance their home loan. Attributed to all around declines throughout the market and home values, homeowners were having difficulty paying more than they can afford on homes. Amongst the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing approach, approved homeowners of Oak Hill with HARP Refinancing can usually get a cheaper payment on their home and help save a lot of money over time.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because mortgages with an LTV more than 80% are often not able to qualify for standard loan refinancing options, the HARP program was necessary to enable as many people as possible to begin saving money on their mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also gone through a number of improvements to allow greater flexibility for acceptance. At this time, the HARP program made available is known as HARP 2.0 and gives more flexible qualification specifications. Here is a review of the background and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program is providing major relief for Oak Hill home owners that did not refinance their home in the past as a consequence of diminishing house 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 vital alteration. Meaning no more limitations on how much money a home owner owes on their home loan vs. how much money their property is currently worth! Florida home owners upside-down or under water in their home loan will now get some relief. In addition to this, there are less restricted credit guidelines set up. Many of the so called government relief loan refinancing programs in the last several years have fallen short of actually aiding home-owners to refinance their home mortgage to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the relief many Oak Hill, FL home owners have deparately needed for such a long time. Whatever who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you provided that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The specifics of the program are based upon what is currently being outlined but it is unknown what the eventual program offers 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 $250 a month on the monthly mortgage payments, which might add to $35-70 billion in financial benefits annually.
HARP 3.0 My Refi (Suggested Possible Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a few minutes with no personal details ever 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?