The Home Affordable Refinance Program (HARP) loan allows a great number of homeowners in Seminole County to re-finance their underwater homes when it was previously not possible. If you are one of many who qualify for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to quickly help out with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Guidelines, and Information
The Making Home Affordable Program, which was created and initiated in 2009, allows for a great number of homeowners who had been previously helpless to refinance their mortgage. Attributable to complete decreases throughout the market and property values, homeowners were having problems having to pay more than they can afford on their homes. Among the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing approach, eligible home owners of Longwood, FL with HARP Refinancing may get a reduced payment for their mortgage loan and save yourself thousands of dollars in the long run.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because mortgages with an LTV of over 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was important to allow for as many people as possible to begin saving money on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally undergone quite a few improvements to enable more flexibility for acceptance. At this time, the HARP program offered is labeled HARP 2.0 and gives more flexible qualification requirements. This is the summary of the historical past and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program provides substantial assistance for Longwood, FL home owners that could not refinance their home in the past due to declining house values. The new 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 change. This means no more limitations on how much a homeowner owes on their mortgage loan vs. how much money their house is currently worth! Florida home-owners upside-down or underwater with their home loan will now have some relief. Moreover, there are a reduced amount of restricted credit guidelines in place. Many of the other government relief refinance loan programs in the last several years have fallen short of honestly assisting homeowners to refinance their home loan to a lower interest rate. The latest edition of the HARP mortgage program (2.0) offers the help many Longwood home owners have needed for so long. It does not matter who your current loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist provided that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The specifics of the program are based on what is currently being discussed but it is unknown what the eventual program may offer or if it will even pass through Government red tape. The federal 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 would add to $35-70 billion in savings every year.
HARP 3.0 MYREFI (Suggested Possible Future Program)
HARP refinance mortgage 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 information required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage loan?