The Home Affordable Refinance Program (HARP) loan lets many homeowners in Hillsborough 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 swiftly be of assistance to 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, Plan Guidelines, and Updates
The Making Home Affordable Program, which was created and launched in 2009, allows for many homeowners who had been previously helpless to get refinancing for their home loan. A consequence of all round declines in the economy and property values, home owners were having difficulty having to pay more than they could afford on their homes. Among the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing process, qualified home owners of Lutz, FL with HARP Refinancing can get a lower payment on their mortgage loan and save lots of money over the years.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgage loans with an LTV of more than 80% are often not in a position to qualify for conventional mortgage refinancing options, the HARP program was necessary to let as many people as possible to start lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also undergone some adjustments to permit a bit more flexibility for acceptance. At present, the HARP program being offered is identified as HARP 2.0 and offers more flexible qualification standards. Here is a breakdown of the history and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process provides sizeable assistance for Lutz home owners that could not refinance their home in the past as a consequence of falling home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most important alteration. This suggests no more limits on how much money a homeowner currently owes on their home verses how much money their home is currently worth! Florida home owners upside-down or underwater in their mortgage will have some relief. In addition, there are also a reduced amount of restrictive credit regulations set up. Most of the so called government relief refinance loan programs in the last several years have fallen short of honestly assisting home-owners to refinance their home mortgage to a lower interest rate. The present edition of the HARP mortgage program (2.0) provides the help many Lutz home-owners have deparately needed for too long. Whatever who your actual loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help providing your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The facts of the program derive from what is increasingly being reviewed but it is not known what the finalized program will offer you or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $350 per month on the mortgage payments, that would total $35-70 billion in savings annually.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance home loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage 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 currently have a conventional mortgage?