The Home Affordable Refinance Program (HARP) loan lets many home owners in Madison County to refinance their underwater homes when it was previously out of the question. If you are one of many who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to quickly help out in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Updates
The Making Home Affordable Program, first created and launched in late 2009, helps many home owners who were previously unable to get refinancing for their mortgage. Attributed to common decreases throughout the market and property value decline, home owners were trapped spending money on more than they can afford on their homes. Among the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new refinancing process, approved home owners of Lee with HARP Refinancing may get a reduced payment for their home and save a lot of money in the long term.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgages that have an LTV of more than 80% are often not able to qualify for common mortgage refinancing options, the HARP program was essential to allow as many people as possible to begin saving money on their mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has also been subject to quite a few changes to enable additional flexibility for acceptance. At present, the HARP program available is often called HARP 2.0 and gives more flexible qualification requirements. Below is a summary of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process is providing considerable relief for Lee home owners that were not able to refinance in the past due to declining house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most significant modification. What this means is no more limitations on how much a homeowner owes on their home vs. how much money their home is currently worth. Lee home owners upside-down or underwater on their mortgage will now have some relief. Also, there are a reduced amount of restricted credit regulations implemented. Most of the other government relief refinance loan programs in the last several years have fallen short of actually supporting home owners to refinance their home loan to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) offers the relief many Lee home owners have deparately needed for too long. Regardless of who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, 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 speculation. The details of the program are derived from what is currently being spoken about but it is not known what the final program will offer you or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save families an average of $250 a month on the mortgage payments, which might add to $35-70 billion in reductions yearly.
HARP 3 MYREFI (Planned Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a few minutes with no personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?