The Home Affordable Refinance Program (HARP) loan will permit many homeowners in Polk County to refinance their under water homes where it was previously impossible. If you are one of the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can help you to quickly be of assistance to 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 Qualifications, Eligibility Criteria, and Enhancements
The Making Home Affordable Program, first created and initiated in 2009, helps many homeowners who had been previously unable to refinance their home loan. A consequence of overall decreases in the economy and home values, homeowners were having difficulty spending money on more than they can afford on their homes. Amongst the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, qualified home owners of Kathleen, FL with HARP Refinancing could possibly get a cheaper payment on their home and save yourself lots of money over the long haul.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home loans that have an LTV more than 80% are often not in a position to qualify for common loan refinancing options, the HARP program was necessary to let as many people as possible to begin lowering costs on their mortgage payments. As borrowers needs have changed since the program began, the HARP program has also been through some variations to allow a lot more flexibility for acceptance. At this time, the HARP program offered is known as HARP 2.0 and offers more flexible qualification prerequisites. This is a summary of the historical past and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program gives sizeable relief for Kathleen, FL home owners that were not able to refinance their home in the past due to shrinking home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most vital adjustment. This suggests no more restrictions on how much money a homeowner owes on their home verses how much money their property is currently worth! Kathleen home-owners upside down or underwater in their mortgage loan will have some help. Also, there are less restricted credit regulations installed. Many of the so called government backed home refinance programs in the past have fallen short of actually supporting homeowners to refinance their mortgage loan to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the help many Kathleen property owners have deparately needed for too long. Irrespective of who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance provided that your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are derived from what is currently being outlined but it is not known what the final program will give you or if it will even have the chance of passing. The federal government has assumed that it would probably help over 30 million borrowers and save families an average of $400 per month on their payments, that would add up to $35-70 billion in reductions annually.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a few minutes without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage?