The Home Affordable Refinance Program (HARP) loan makes it possible for countless home owners in DeSoto County to re-finance their under water homes where it was previously unattainable. If you are among the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to easily be of assistance to you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Prerequisites, and Information
The Making Home Affordable Program, first created and started in late 2009, allows a large number of homeowners who were previously struggling to get refinancing for their mortgage. Attributable to existing decreases throughout the market and property value decline, homeowners were stuck spending more than they could afford on their homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, eligible residents of Lake Suzy, FL with HARP Refinancing can get a lower payment on their home loan and help you save thousands of dollars in the long run.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because mortgage loans that have an LTV of more than 80% are often not able to qualify for typical loan refinancing options, the HARP program was essential to allow for as many people as possible to start spending less on their mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been through quite a few adjustments to allow increased flexibility for acceptance. At this time, the HARP program made available is referred to as HARP 2.0 and offers more flexible qualification requirements. Below is a breakdown of the background and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process is providing major assistance for Lake Suzy home owners that did not refinance their home in the past because of reducing house 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 vital adjustment. It indicates no more limitations on how much a homeowner currently owes on their home verses how much money their house is currently worth! Lake Suzy, FL home-owners upside down or under water with their home loan can get some assistance. The best part is, there are also fewer restricted credit regulations in place. Many of the other government refinance programs in the last several years have fallen short of actually assisting home owners to refinance their home loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the help many Lake Suzy, FL home-owners have needed for way too long. Whatever who your existing loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance as 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 speculation. The facts of the program are based on what is increasingly being reviewed but it is unknown what the eventual program may offer or if it will even pass. The federal government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $200 a month on monthly mortgage payments, which might add up to $35-70 billion in savings annually.
HARP 3.0 My Refi (Proposed Potential Future Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes one minute and no personal data ever required. You can also call 800-871-2636 7 days a week.
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