The Home Affordable Refinance Program (HARP) loan helps a large number of homeowners in Osceola County to refinance their under water homes where it was previously unachievable. If you are among the many who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently be of assistance to 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 Background, Eligibility Prerequisites, and Changes
The Making Home Affordable Program, which was created and started in 2009, lets many homeowners who had been previously unable to refinance their home loan. A consequence of total declines in the economy and home value decline, home owners were having problems spending money on more than they could afford on their homes. Amongst the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, eligible residents of St. Cloud, FL with HARP Refinancing can usually get a lesser payment on their home and save lots of money over the long haul.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because mortgages with an LTV more than 80% are often not in a position to qualify for traditional refinancing options, the HARP program was important to permit as many people as possible to start lowering costs on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also been subject to some alterations to permit a lot more flexibility for approval. Currently, the HARP program offered is identified as HARP 2.0 and gives more flexible qualification standards. Here is a summary of the historical past and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan process can give sizeable assistance for St. Cloud home owners that were not able to refinance their home in the past as a result of dropping home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most essential adjustment. This indicates no more limits on how much a homeowner owes on their home loan verses how much their home is currently worth. St. Cloud home-owners upside-down or underwater on their home loan will now have some assistance. Also, there are also a lot less restrictive credit regulations in place. Many of the so called government refinance loan programs in the last several years have fallen short of truly supporting home owners to refinance their home loan to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) offers the help many St. Cloud, FL home-owners have deparately needed for too long. It does not matter who your actual loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you as long as your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The important points of the program are based on what is currently being reviewed but it is not known what the finished program will give you or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save families an average of $300 a month on monthly mortgage payments, which might total $35-70 billion in financial benefits yearly.
HARP 3 MYREFI (Recommended Potential Program)
HARP refinance mortgage application form 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 a minute without any personal data ever required. You can also call 800-871-2636 7 days a week.
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