The Home Affordable Refinance Program (HARP) loan permits a large number of homeowners in Union County to refinance their underwater homes when it was previously not possible. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can help you to easily assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Guidelines, and Information
The Making Home Affordable Program, first created and initiated in 2009, allows for many homeowners who had been previously struggling to get refinancing for their mortgage loan. A consequence of basic decreases in the economy and property values, homeowners were having difficulty having to pay more than they could afford on homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing approach, eligible home owners of Worthington Springs, FL with HARP Refinancing may get a lesser payment for their mortgage and help save a lot of money over the years.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on the mortgage loan. Because home loans with an LTV of more than 80% are often not in a position to qualify for conventional refinancing options, the HARP program was essential to permit as many people as possible to begin lowering costs on their mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally undergone some changes to allow far more flexibility for approval. At present, the HARP program being offered is identified as HARP 2.0 and offers more flexible qualification prerequisites. This is a breakdown of the historical past and development of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program gives sizeable assistance for Worthington Springs, FL home owners that did not refinance in the past due to decreasing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most essential change. Meaning no more restrictions on how much money a homeowner owes on their home loan vs. how much their property is currently worth. Worthington Springs, FL homeowners upside-down or under water with their home loan can get some help. In addition, there are also fewer restricted credit regulations installed. Many of the so called government home refinance programs in the past have fallen short of actually aiding home-owners to refinance their mortgage loan to a lower rate of interest. The current edition of the HARP mortgage program (2.0) offers the help many Worthington Springs home-owners have needed for way too long. Whatever who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist as long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The specifics of the program are derived from what is currently being reviewed but it is unknown what the ultimate program can provide or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $350 per month on the mortgage payments, which might total $35-70 billion in savings yearly.
HARP 3 MYREFI (Recommended Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a few minutes without any personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?