The Home Affordable Refinance Program (HARP) loan allows a great number of homeowners in Orange County to refinance their under water homes where it was previously impossible. If you are one of the many who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to swiftly assist with the 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 Information
The Making Home Affordable Program, which was created and initiated in late 2009, helps a great number of homeowners who had been previously struggling to get refinancing for their home loan. Attributable to complete decreases in the economy and property values, homeowners were having problems spending money on more than they could afford on their homes. One of the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, eligible homeowners of Lake Buena Vista with HARP Refinancing could get a reduced payment for their home loan and help you save a lot of money over the years.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because mortgages with an LTV more than 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their payments. As credit seekers needs have changed since the program began, the HARP program has additionally gone through quite a few adjustments to allow increased flexibility for approval. Currently, the HARP program offered is often called HARP 2.0 and provides more flexible qualification specifications. This is a breakdown of the history and expansion 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 Lake Buena Vista home owners that could not refinance their home in the past because of shrinking house 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 important change. Therefore no more restrictions on how much money a home owner owes on their mortgage loan vs. how much money their home is currently worth! Florida homeowners upside-down or under water with their mortgage loan will now get some help. Moreover, there are less restrictive credit regulations set up. Many of the so called government relief refinance programs in the last several years have fallen short of actually supporting home-owners to refinance their home loan to a lower interest rate. The present rendition of the HARP mortgage program (2.0) provides the help many Lake Buena Vista home-owners have deparately needed for too long. Regardless of who your actual loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to assist on condition that your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The details of the program are based upon what is increasingly being reviewed but it is not known what the finished program will offer you or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save families an average of $300 a month on the mortgage payments, that can add up to $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Suggested Potential Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a few minutes and no personal info ever required. You can also call 800-871-2636 7 days a week.
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