The Home Affordable Refinance Program (HARP) loan makes it possible for countless homeowners in Orange County to re-finance their under water homes when it was previously unattainable. If you are one of many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to quickly assist in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Features
The Making Home Affordable Program, which was created and initiated in 2009, allows for a great number of homeowners who had been previously struggling to get refinancing for their mortgage. Due to the basic decreases in the economy and home values, home owners were trapped paying more than they could afford on homes. Among the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, qualified home owners of Windemere, FL with HARP Refinancing can get a smaller payment for their home loan and save thousands of dollars over time.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home mortgages with an LTV more than 80% are often unable to qualify for traditional refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their monthly payments. As borrowers needs have changed since the program began, the HARP program has additionally undergone some adjustments to permit greater flexibility for approval. Presently, the HARP program being offered is identified as HARP 2.0 and gives more flexible qualification prerequisites. This is the review of the historical past and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process gives serious relief for Windemere, FL home owners that were not able to refinance their home in the past caused by reducing 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 loan to value, which is the most essential adjustment. This simply means no more limitations on how much a homeowner currently owes on their mortgage loan vs. how much money their house is currently worth. Windemere, FL home owners upside-down or underwater with their mortgage loan can get some help. Also, there are a reduced amount of restricted credit regulations installed. Many of the so called government backed loan refinancing programs in the last several years have fallen short of actually helping homeowners to refinance their home loan to a lower interest rate. The present rendition of the HARP mortgage program (2.0) provides the relief many Windemere, FL property owners have needed for so long. Despite who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist as long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The specifics of the program are derived from what is increasingly being spoken about but it is not known what the ultimate program will offer you or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 a month on the payments, which might total $35-70 billion in cost savings each and every year.
HARP 3 MYREFI (Planned Possible Future Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a few minutes with no personal info ever required. You can also call 800-871-2636 7 days a week.
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