The Home Affordable Refinance Program (HARP) loan allows for many homeowners in Sarasota County to refinance their under water homes when it was previously unattainable. If you are among the many who are qualified for the new HARP refinancing program, FiveStarsMortgage.com will help you to quickly help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Criteria, and Features
The Making Home Affordable Program, first created and started in late 2009, enables a large number of homeowners who had been previously helpless to get refinancing for their home loan. By way of complete decreases throughout the market and home values, homeowners were having difficulty spending more than they can afford on their homes. Amongst the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, approved homeowners of Osprey with HARP Refinancing may get a decreased payment for their home and save yourself lots of money over the long haul.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because home loans that have an LTV in excess of 80% are often unable to qualify for common refinancing options, the HARP program was essential to let as many people as possible to begin lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also been through quite a few changes to allow much more flexibility for acceptance. At present, the HARP program offered is named HARP 2.0 and provides more flexible qualification requirements. Here is a summary of the history and progression of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program can give serious assistance for Osprey home owners that did not refinance their home in the past stemming from declining home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most important change. It indicates no more restrictions on how much money a home owner currently owes on their home loan verses how much their home is currently worth! Osprey home owners upside down or underwater on their mortgage loan can have some assistance. On top of that, there are also a lot less restrictive credit regulations installed. Most of the other government refinance loan programs in the past have fallen short of actually aiding homeowners to refinance their home mortgage to a lower rate of interest. The present variation of the HARP mortgage program (2.0) offers the help many Osprey property owners have needed for too long. Whatever who your loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist so long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The details of the program are derived from what is currently being discussed but it is not known what the finalized program will offer you or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 per month on payments, that can add up to $35-70 billion in reductions yearly.
HARP 3 MYREFI (Planned Possible Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a minute with no personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?