The Home Affordable Refinance Program (HARP) loan allows a large number of home owners in Sumter County to refinance their underwater homes when it was previously impossible. If you are among the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to easily be of assistance to you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Requirements, and Information
The Making Home Affordable Program, first created and launched in 2009, enables many homeowners who were previously helpless to get refinancing for their home loan. Due to common decreases in the economy and property value decline, homeowners were having trouble having to pay more than they can afford on their homes. One of the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing program, approved home owners of Webster, FL with HARP Refinancing may get a smaller payment for their mortgage loan and help save lots of money over time.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of over 80% on the home loan. Because mortgages with an LTV in excess of 80% are often not in a position to qualify for conventional refinancing options, the HARP program was essential to allow for as many people as possible to start spending less on their monthly payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally undergone a number of modifications to permit extra flexibility for acceptance. Right now, the HARP program sold is labeled HARP 2.0 and provides more flexible qualification requirements. This is the review of the historical past and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program gives significant relief for Webster home owners that were not able to refinance their home in the past as a result of 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 unrestricted LTV, which is the most vital modification. What this means is no more limits on how much money a home owner owes on their home loan vs. how much money their property is currently worth. Webster, FL homeowners upside down or under water on their mortgage will now get some help. In addition to this, there are fewer restrictive credit regulations in place. Most of the so called government loan refinancing programs in the last several years have fallen short of honestly helping homeowners to refinance their mortgage loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the relief many Webster home-owners have deparately needed for such a long time. No matter what who your existing loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you so long as your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are based upon what is currently being reviewed but it is not known what the final program may offer or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $200 a month on the mortgage payments, which might add up to $35-70 billion in savings each year.
HARP 3.0 My Refi (Suggested Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes a minute and no personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a traditional mortgage?