The Home Affordable Refinance Program (HARP) loan allows a large number of homeowners in Volusia County to re-finance their under water homes when it was previously unachievable. If you are among the many who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can help you to quickly assist with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Changes
The Making Home Affordable Program, which was created and started in late 2009, allows a large number of homeowners who were previously unable to get refinancing for their mortgage. A result of overall declines throughout the market and home value decline, home owners were stuck spending money on more than they can afford on homes. Amongst the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, eligible homeowners of Orange City with HARP Refinancing can get a smaller payment on their mortgage and help you save thousands of dollars over the years.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because home loans with an LTV of over 80% are often unable to qualify for traditional refinancing options, the HARP program was important to permit as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program began, the HARP program has also been through a number of changes to allow for far more flexibility for approval. Currently, the HARP program sold is referred to as HARP 2.0 and provides more flexible qualification specifications. This is the breakdown of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program can give substantial relief for Orange City, FL home owners that could not refinance their home 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 critical change. Meaning no more limitations on how much a home owner currently owes on their home loan vs. how much their house is currently worth. Orange City, FL home-owners upside-down or under water on their mortgage loan can get some help. Moreover, there are a reduced amount of restricted credit guidelines in place. Most of the so called government refinance loan programs in the last several years have fallen short of actually assisting home owners to refinance their home loan to a lower interest rate. The current rendition of the HARP mortgage program (2.0) offers the help many Orange City home-owners have needed for way too long. Whatever who your loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program derive from what is currently being discussed but it is unknown what the eventual program may offer or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $400 a month on their monthly mortgage payments, that may add to $35-70 billion in cost savings each and every year.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a few minutes 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?