The Home Affordable Refinance Program (HARP) loan will allow a great number of home-owners in Lake County to refinance their underwater homes when it was previously unattainable. If you are among the numerous who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can assist you to easily help you 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, Plan Prerequisites, and Enhancements
The Making Home Affordable Program, first created and started in late 2009, allows for a great number of home owners who were previously struggling to get refinancing for their mortgage loan. Because of total decreases in the economy and home value decline, home owners were bogged down spending more than they could afford on homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, approved homeowners of Howey-in-the-Hills with HARP Refinancing can usually get a cheaper payment for their mortgage loan and save thousands of dollars over the years.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgages that have an LTV of more than 80% are often not able to qualify for typical mortgage refinancing options, the HARP program was needed to enable as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been through quite a few variations to allow for a bit more flexibility for acceptance. Right now, the HARP program available is known as HARP 2.0 and provides more flexible qualification requirements. This is a summary of the history and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process offers critical relief for Howey-in-the-Hills home owners that were not able to refinance their home in the past stemming from dropping 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 loan to value, which is the most vital modification. This simply means no more limitations on how much money a home owner owes on their home loan vs. how much their house is currently worth! Howey-in-the-Hills, FL home owners upside-down or underwater with their mortgage will now have some assistance. In addition to this, there are also a reduced amount of restrictive credit regulations in place. Most of the so called government backed refinance programs in the past have fallen short of truly supporting home-owners to refinance their home loan to a lower rate of interest. The present version of the HARP mortgage program (2.0) provides the help many Howey-in-the-Hills home owners have needed for too long. Irrespective of who your actual loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help so long as your mortgage loan is presently 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 based upon what is increasingly being reviewed but it is unknown what the ultimate program will 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 $400 a month on monthly mortgage payments, which might total $35-70 billion in financial benefits every year.
HARP 3 MYREFI (Planned Potential 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 form only takes a few minutes with no personal info required. You can also call 800-871-2636 7 days a week.
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