The Home Affordable Refinance Program (HARP) loan will permit many homeowners in Jackson County to refinance their under water homes when it was previously impossible. If you are one of the many who qualify for the new HARP refinance program, FiveStarsMortgage.com can assist you to quickly be of assistance to you with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Prerequisites, and Information
The Making Home Affordable Program, which was created and initiated in 2009, lets a large number of homeowners who were previously helpless to get refinancing for their mortgage loan. Mainly because of general declines in the economy and property value decline, home owners were having difficulty paying more than they can afford on homes. Amongst the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, approved homeowners of Malone, FL with HARP Refinancing could get a reduced payment on their home loan and save yourself a lot of money in the long term.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because home loans with an LTV in excess of 80% are often not able to qualify for typical refinancing options, the HARP program was necessary 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 also been through a number of adjustments to allow for added flexibility for approval. At this time, the HARP program available is named HARP 2.0 and offers more flexible qualification conditions. This is a summary of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process gives significant relief for Malone home owners that did not refinance in the past caused by reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most critical modification. This simply means no more limitations on how much a homeowner owes on their home loan vs. how much money their property is currently worth. Malone home owners upside-down or underwater on their mortgage loan will have some relief. Also, there are less restrictive credit regulations installed. Many of the other government backed home refinance programs in the past have fallen short of honestly aiding home owners to refinance their mortgage loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) offers the relief many Malone home-owners have deparately needed for so long. Irrespective of who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist provided that your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based on what is currently being spoken about but it is not known what the finished program will offer you or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $400 per month on the payments, that could add to $35-70 billion in financial benefits each year.
HARP 3.0 My Refi (Projected Possible Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a minute and no personal data required. You can also call 800-871-2636 7 days a week.
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