The Home Affordable Refinance Program (HARP) loan helps a large number of home owners in Alachua County to refinance their under water homes when it was previously impossible. If you are among the many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can help you to quickly assist with 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 History, Plan Guidelines, and Changes
The Making Home Affordable Program, first created and started in late 2009, enables numerous homeowners who had been previously struggling to get refinancing for their mortgage loan. Simply because of total decreases throughout the market and home value decline, homeowners were having difficulty paying more than they could afford on homes. One of the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, qualified homeowners of High Springs with HARP Refinancing could get a smaller payment on their mortgage loan and save a lot of money in the long term.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home mortgages with an LTV of more than 80% are often not able to qualify for standard mortgage refinancing options, the HARP program was necessary to permit as many people as possible to start saving money on their mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also undergone quite a few variations to allow additional flexibility for acceptance. At this time, the HARP program provided is labeled HARP 2.0 and offers more flexible qualification guidelines. This is a summary of the background and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process offers critical assistance for High Springs, FL home owners that were not able to refinance in the past caused by shrinking home values. The new 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 important modification. This indicates no more limits on how much money a homeowner currently owes on their mortgage vs. how much their property is currently worth. Florida home-owners upside-down or underwater on their home loan will now get some assistance. Moreover, there are a reduced amount of restrictive credit guidelines in place. Most of the other government loan refinancing programs in the past have fallen short of actually aiding home-owners to refinance their mortgage to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the help many High Springs home owners have deparately needed for so long. No matter what who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help on condition that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are based on what is currently being discussed but it is unknown what the finished program can provide or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $400 a month on the monthly payments, that may total $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Recommended Possible Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes a moment with zero personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage?