The Home Affordable Refinance Program (HARP) loan makes it possible for countless home owners in Bay County to re-finance their underwater homes when it was previously unattainable. If you are one of many who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can help you to swiftly assist with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Changes
The Making Home Affordable Program, first created and initiated in 2009, allows many homeowners who had been previously helpless to refinance their mortgage. Because of existing decreases throughout the market and property values, home owners were having difficulty spending more than they can afford on homes. Amongst the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing approach, eligible homeowners of Springfield, FL with HARP Refinancing could possibly get a cheaper payment for their home loan and help save lots of money in the long term.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio of over 80% on their mortgage. Because mortgage loans with an LTV of over 80% are often not in a position to qualify for typical refinancing options, the HARP program was necessary to let as many people as possible to begin spending less on their monthly mortgage payments. As borrowers needs have changed since the program began, the HARP program has also gone through some alterations to allow a lot more flexibility for approval. Right now, the HARP program available is known as HARP 2.0 and provides more flexible qualification conditions. Below is a summary of the historical past and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process can give major relief for Springfield, FL home owners that could not refinance in the past due to reducing house values. The modern 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 essential change. This suggests no more limits on how much money a home owner currently owes on their mortgage loan vs. how much money their home is currently worth! Springfield home owners upside down or underwater on their home loan will get some relief. Also, there are also a reduced amount of restrictive credit regulations set up. Many of the other government refinance loan programs in the past have fallen short of honestly assisting home-owners to refinance their mortgage to a lower rate of interest. The present edition of the HARP mortgage program (2.0) provides the relief many Springfield, FL homeowners have deparately needed for such a long time. Irrespective of who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance provided 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 specified is simply speculation. The facts of the program are based upon what is increasingly being discussed but it is not known what the finished program can provide or if it will even have the chance of passing. The government has assumed that it would likely help over 30 million borrowers and save families an average of $250 per month on the payments, that would add up to $35-70 billion in reductions every year.
HARP 3.0 MYREFI (Proposed Possible Future Program)
HARP refinance home loan application 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 one minute with zero personal info required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?