The Home Affordable Refinance Program (HARP) loan enables many homeowners in Pasco County to re-finance their under water homes when it was previously not possible. If you are among the many who qualify for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to quickly help you in your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Changes
The Making Home Affordable Program, first created and launched in late 2009, lets a large number of home owners who were previously helpless to refinance their mortgage loan. Because of the all round decreases throughout the market and property value decline, home owners were having trouble having to pay more than they could afford on their homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new refinancing process, qualified homeowners of Hudson, FL with HARP Refinancing could get a lesser payment on their home and help you save thousands of dollars over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because home loans that have an LTV of over 80% are often unable to qualify for typical loan refinancing options, the HARP program was needed to allow for as many people as possible to start lowering costs on their monthly payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally been through quite a few alterations to allow for significantly more flexibility for acceptance. At present, the HARP program sold is often called HARP 2.0 and offers more flexible qualification guidelines. Here is a summary of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process is providing considerable assistance for Hudson, FL home owners that did not refinance their home in the past as a result of diminishing home values. The modern 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 important change. It indicates no more restrictions on how much money a home owner owes on their home loan verses how much their home is currently worth! Hudson, FL home owners upside down or underwater in their mortgage loan will now have some assistance. On top of that, there are also fewer restrictive credit guidelines in place. Many of the other government refinance loan programs in the last several years have fallen short of actually supporting home-owners to refinance their home mortgage to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) offers the help many Hudson, FL homeowners have deparately needed for such a long time. Despite who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance so long as your mortgage is currently 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 increasingly being outlined but it is not known what the ultimate program can provide 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 homeowners an average of $300 a month on their payments, that could total $35-70 billion in cost savings annually.
HARP 3 My Refi (Suggested Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a few minutes with zero personal details 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?