The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of home owners in Alachua County to re-finance their under water homes when it was previously out of the question. If you are one of the several who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can assist you to easily help out in 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 Historical Background, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and started in late 2009, helps a large number of home owners who were previously helpless to get refinancing for their home loan. As a result of all around declines throughout the market and property values, home owners were bogged down spending money on more than they can afford on homes. Amongst the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new refinancing program, eligible home owners of Hawthorne, FL with HARP Refinancing can usually get a smaller payment for their mortgage and save a lot of money in the long term.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgage loans with an LTV of more than 80% are often unable to qualify for typical refinancing options, the HARP program was needed to allow for as many people as possible to start spending less on their payments. As borrowers demands have changed since the program began, the HARP program has additionally gone through quite a few improvements to permit extra flexibility for acceptance. Currently, the HARP program being offered is labeled HARP 2.0 and offers more flexible qualification requirements. Below is a breakdown of the history and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program is providing substantial relief for Hawthorne, FL home owners that were not able to refinance in the past because of declining house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most essential modification. This suggests no more limitations on how much money a homeowner owes on their home loan vs. how much their property is currently worth! Florida homeowners upside-down or under water on their mortgage loan can get some relief. The best part is, there are also a lot less restricted credit guidelines implemented. Many of the other government refinance loan programs in the last several years have fallen short of honestly supporting home owners to refinance their home loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) provides the relief many Hawthorne, FL property owners have deparately needed for such a long time. No matter what who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance providing your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 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 not known what the ultimate program will give you or if it will even have the chance of passing. The federal government has assumed that it would likely help over 30 million borrowers and save families an average of $350 per month on the mortgage payments, that can add to $35-70 billion in financial benefits each and every year.
HARP 3.0 MYREFI (Proposed Future Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application only takes one minute without any personal data ever required. You can also call 800-871-2636 7 days a week.
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