The Home Affordable Refinance Program (HARP) loan lets many homeowners in Washington County to re-finance their underwater homes where it was previously unattainable. If you are among the numerous who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently help you 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 Historical Background, Eligibility Guidelines, and Updates
The Making Home Affordable Program, first created and launched in late 2009, lets numerous homeowners who had been previously struggling to refinance their mortgage loan. Due to all around decreases throughout the market and property value decline, home owners were having problems spending money on more than they could afford on their homes. Among the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing program, approved homeowners of Vernon with HARP Refinancing can usually get a reduced payment on their home and help save lots of money over the years.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on their home loan. Because home mortgages with an LTV in excess of 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was important to enable as many people as possible to begin spending less on their payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been through quite a few improvements to permit extra flexibility for acceptance. At this time, the HARP program available is often called HARP 2.0 and offers more flexible qualification prerequisites. This is the summary of the background and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program offers serious relief for Vernon home owners that could not refinance their home in the past on account of shrinking house values. The new 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 important change. Meaning no more limits on how much a home owner currently owes on their home verses how much their home is currently worth. Florida home owners upside down or underwater in their home loan can get some help. In addition to this, there are fewer restrictive credit regulations in place. Many of the so called government backed refinance loan programs in the last several years have fallen short of truly aiding home-owners to refinance their home loan to a lower interest rate. The latest edition of the HARP mortgage program (2.0) provides the relief many Vernon homeowners have needed for such a long time. No matter what who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help you as long as your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program are based on what is increasingly being discussed but it is unknown what the ultimate program will provide or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $350 a month on their monthly payments, which could add up to $35-70 billion in cost savings each year.
HARP 3 MYREFI (Suggested Possible Future 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 fast application form only takes one minute with zero personal details required. You can also call 800-871-2636 7 days a week.
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