The Home Affordable Refinance Program (HARP) loan enables a great number of homeowners in Marion County to refinance their under water homes when it was previously impossible. If you are one of many who qualify for the latest HARP home refinance program, FiveStarsMortgage.com can help you to easily help you 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 Qualifications, Eligibility Guidelines, and Updates
The Making Home Affordable Program, which was created and started in 2009, allows a great number of homeowners who had been previously struggling to refinance their home loan. Through common decreases throughout the market and home value decline, home owners were cornered paying 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. With this new refinancing approach, qualified homeowners of Reddick with HARP Refinancing can usually get a lesser payment on their mortgage and help you save a lot of money in the long run.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgages that have an LTV of over 80% are often not in a position to qualify for common loan refinancing options, the HARP program was needed to enable as many people as possible to start lowering costs on their monthly payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally undergone some alterations to permit extra flexibility for acceptance. Right now, the HARP program provided is called HARP 2.0 and provides more flexible qualification guidelines. Here is a summary of the history and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process gives sizeable relief for Reddick home owners that were not able to refinance in the past attributable to diminishing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most prominent modification. Therefore no more restrictions on how much money a homeowner owes on their home loan verses how much their property is currently worth. Florida home owners upside down or underwater in their mortgage loan will now have some assistance. In addition to this, there are also a reduced amount of restricted credit regulations implemented. Most of the other government backed loan refinancing programs in the past have fallen short of actually helping home-owners to refinance their home loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the help many Reddick, FL home-owners have deparately needed for so long. It does not matter who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you on condition that 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 important points of the program derive from what is currently being discussed but it is unknown what the eventual program will offer you or if it will even pass through Government red tape. The government has assumed that it would probably help over 20 million borrowers and save families an average of $250 a month on the payments, that could total $35-70 billion in reductions each and every year.
HARP 3.0 MYREFI (Suggested Possible Future Program)
HARP refinance loan application form 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 with no personal details required. You can also call 800-871-2636 7 days a week.
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