The Home Affordable Refinance Program (HARP) loan lets a great number of home-owners in Volusia County to re-finance their under water homes where it was previously unachievable. If you are one of the many who qualify for the new HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly help out in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Requirements, and Updates
The Making Home Affordable Program, which was created and initiated in 2009, enables numerous home owners who had been previously unable to get refinancing for their mortgage. As a result of total decreases in the economy and home values, home owners were having trouble having to pay more than they can afford on their homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing process, qualified homeowners of Pierson with HARP Refinancing may get a more affordable payment for their mortgage and save yourself thousands of dollars over time.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgages with an LTV of over 80% are often unable to qualify for conventional refinancing options, the HARP program was important to allow for as many people as possible to begin lowering costs on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been through a number of changes to allow for far more flexibility for acceptance. Currently, the HARP program being offered is often called HARP 2.0 and gives more flexible qualification prerequisites. Below is a breakdown of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program provides critical assistance for Pierson, FL home owners that did not refinance their home in the past stemming from falling home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most prominent adjustment. This simply means no more limits on how much money a home owner owes on their mortgage loan vs. how much their house is currently worth! Florida home owners upside down or underwater with their mortgage loan will have some relief. Also, there are less restricted credit regulations set up. Many of the other government relief refinance loan programs in the past have fallen short of actually supporting home owners to refinance their mortgage loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Pierson home owners have deparately needed for so long. No matter what who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist providing your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based on what is increasingly being outlined but it is unknown what the eventual program will provide or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $250 a month on their payments, that may add to $35-70 billion in financial benefits every year.
HARP 3.0 MYREFI (Projected Future Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a moment with no personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage loan?