The Home Affordable Refinance Program (HARP) loan allows many homeowners in Collier County to re-finance their under water homes where it was previously not possible. If you are among the numerous who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently help you with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Prerequisites, and Features
The Making Home Affordable Program, which was created and initiated in late 2009, helps a great number of home owners who had been previously unable to get refinancing for their mortgage. A consequence of common declines in the economy and home value decline, home owners were trapped spending money on more than they can afford on their homes. Amongst the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, qualified homeowners of Marco Island, FL with HARP Refinancing could get a cheaper payment for their mortgage and save yourself thousands of dollars in the long term.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because home mortgages with an LTV more than 80% are often unable to qualify for traditional mortgage refinancing options, the HARP program was necessary to allow for as many people as possible to start saving money on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also undergone some changes to allow for a lot more flexibility for approval. Right now, the HARP program provided is referred to as HARP 2.0 and gives more flexible qualification guidelines. Here is a summary of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process can give sizeable assistance for Marco Island, FL home owners that could not refinance in the past as a result of decreasing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most prominent alteration. What this means is no more limitations on how much a home owner currently owes on their home loan verses how much money their house is currently worth! Marco Island home-owners upside down or under water on their home loan can get some assistance. On top of that, there are a reduced amount of restrictive credit guidelines implemented. Most of the other government backed refinance loan programs in the last several years have fallen short of truly assisting home-owners to refinance their mortgage loan to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) provides the help many Marco Island, FL home owners have deparately needed for so long. Whatever who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you so long as your mortgage is presently 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 derive from what is increasingly being spoken about but it is not known what the ultimate program will offer you or if it will even pass through Government red tape. The government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $400 a month on their mortgage payments, that may total $35-70 billion in financial benefits yearly.
HARP 3.0 My Refi (Recommended Potential Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a moment 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 traditional mortgage loan?