The Home Affordable Refinance Program (HARP) loan allows a great number of home-owners in Levy County to re-finance their underwater homes where it was previously not possible. If you are one of the many who qualify for the new HARP refinancing program, FiveStarsMortgage.com will help you to quickly assist 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 Historical Background, Plan Guidelines, and Features
The Making Home Affordable Program, first created and started in late 2009, lets a large number of home owners who had been previously struggling to get refinancing for their mortgage loan. Resulting from general declines throughout the market and home value decline, home owners were trapped spending money on more than they could afford on their homes. One of the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, approved residents of Otter Creek, FL with HARP Refinancing can usually get a cheaper payment for their home and save yourself lots of money over time.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because mortgages with an LTV in excess of 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been subject to a number of adjustments to permit a lot more flexibility for approval. At this time, the HARP program provided is often called HARP 2.0 and offers more flexible qualification requirements. Below is a breakdown of the historical past and progression of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process offers significant assistance for Otter Creek, FL home owners that were not able to refinance in the past resulting from reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most essential change. It indicates no more limits on how much a homeowner owes on their mortgage loan verses how much their property is currently worth. Florida home owners upside down or underwater on their mortgage can get some help. In addition to this, there are a lot less restricted credit regulations in place. Most of the so called government backed refinance loan programs in the past have fallen short of truly helping home-owners to refinance their mortgage loan to a lower interest rate. The current rendition of the HARP mortgage program (2.0) offers the help many Otter Creek home owners have needed for way too long. Whatever who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist provided that your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are derived from what is currently being discussed but it is unknown what the ultimate program will offer or if it will even pass through Government red tape. The government has assumed that it would probably help over 30 million borrowers and save home-owners an average of $300 a month on the mortgage payments, that could add up to $35-70 billion in cost savings yearly.
HARP 3 My Refi (Planned Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a minute and no personal details ever required. You can also call 800-871-2636 7 days a week.
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