The Home Affordable Refinance Program (HARP) loan will allow a large number of home owners in Polk County to re-finance their under water homes when it was previously impossible. If you are among the numerous who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Criteria, and Updates
The Making Home Affordable Program, which was created and initiated in late 2009, lets numerous home owners who had been previously struggling to refinance their mortgage loan. By reason of common decreases throughout the market and home values, homeowners were cornered paying more than they can afford on homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing process, approved homeowners of Lake Alfred with HARP Refinancing could possibly get a more affordable payment for their mortgage loan and help you save lots of money over the long haul.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because home loans with an LTV in excess of 80% are often not able to qualify for traditional refinancing options, the HARP program was important to let as many people as possible to begin spending less on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been subject to a number of modifications to allow added flexibility for acceptance. Presently, the HARP program sold is referred to as HARP 2.0 and offers more flexible qualification conditions. This is the summary of the background and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process is providing sizeable assistance for Lake Alfred, FL home owners that could not refinance their home in the past because of declining home values. The newest 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 essential modification. This simply means no more limits on how much money a homeowner currently owes on their mortgage loan verses how much money their house is currently worth! Lake Alfred homeowners upside-down or underwater in their mortgage loan will now get some help. In addition to this, there are also less restrictive credit regulations set up. Many of the so called government backed loan refinancing programs in the past have fallen short of truly supporting home-owners to refinance their mortgage loan to a lower interest rate. The present version of the HARP mortgage program (2.0) offers the help many Lake Alfred homeowners have needed for so long. Whatever who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist providing your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based on what is increasingly being spoken about but it is unknown what the eventual program offers or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $400 per month on the monthly payments, which could add to $35-70 billion in savings every year.
HARP 3 My Refi (Projected Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application only takes a few minutes and no personal data 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?