The Home Affordable Refinance Program (HARP) loan enables a large number of homeowners in Sarasota County to re-finance their underwater homes when it was previously impossible. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can help you to quickly help out in your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Enhancements
The Making Home Affordable Program, which was created and initiated in late 2009, allows a large number of homeowners who had been previously struggling to refinance their home loan. Because of overall declines in the economy and property value decline, home owners were having problems spending money on more than they could afford on their homes. One of the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new refinancing approach, qualified homeowners of Venice, FL with HARP Refinancing could get a lower payment for their mortgage loan and save a lot of money over the years.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because home 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 begin lowering costs on their monthly payments. As borrowers needs have changed since the program began, the HARP program has also undergone quite a few adjustments to enable far more flexibility for approval. At this time, the HARP program offered is identified as HARP 2.0 and gives more flexible qualification guidelines. Here is a review of the history and development of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process is providing substantial assistance for Venice home owners that could not refinance their home in the past attributable to falling house values. The new 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 important modification. What this means is no more limits on how much a homeowner currently owes on their home loan vs. how much their property is currently worth! Venice, FL home owners upside-down or under water on their mortgage will have some relief. Also, there are also a lot less restrictive credit guidelines implemented. Most of the so called government relief home refinance programs in the past have fallen short of honestly supporting home owners to refinance their home loan to a lower interest rate. The modern edition of the HARP mortgage program (2.0) offers the relief many Venice, FL homeowners have needed for so long. Whatever who your loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program are based upon what is currently being spoken about but it is not known what the ultimate program may offer or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save home owners an average of $350 a month on the mortgage payments, that can add up to $35-70 billion in savings every year.
HARP 3 MYREFI (Suggested Potential Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes one minute with no personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?