The Home Affordable Refinance Program (HARP) loan will permit many home owners in Putnam County to refinance their underwater homes when it was previously unattainable. If you are one of the several who are qualified for the new HARP refinancing program, FiveStarsMortgage.com will help you to easily assist in your 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 Prerequisites, and Updates
The Making Home Affordable Program, which was created and started in 2009, helps a great number of home owners who were previously struggling to refinance their mortgage loan. Due to total decreases in the economy and property values, homeowners were stuck spending more than they can afford on homes. Among the primary benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new refinancing process, approved home owners of Melrose with HARP Refinancing could get a lesser payment on their mortgage loan and save yourself thousands of dollars over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because mortgage loans with an LTV more than 80% are often unable to qualify for standard refinancing options, the HARP program was essential to let as many people as possible to start lowering costs on their mortgage payments. As borrowers needs have changed since the program began, the HARP program has additionally undergone a number of variations to enable more flexibility for acceptance. At present, the HARP program provided is called HARP 2.0 and provides more flexible qualification conditions. Here is a breakdown of the background and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program gives sizeable assistance for Melrose, FL home owners that did not refinance in the past as a result of falling house values. The modern 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 essential modification. What this means is no more limitations on how much a homeowner owes on their mortgage loan vs. how much their home is currently worth. Melrose home-owners upside-down or underwater with their mortgage will have some relief. In addition to this, there are also fewer restricted credit regulations installed. Most of the so called government refinance programs in the last several years have fallen short of actually aiding home owners to refinance their mortgage loan to a lower rate of interest. The current version of the HARP mortgage program (2.0) offers the relief many Melrose, FL homeowners have deparately needed for too long. Despite who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help you as long as 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 important points of the program are based on what is increasingly being outlined but it is not known what the finished program will offer or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 30 million borrowers and save home owners an average of $350 a month on their monthly payments, that can total $35-70 billion in reductions yearly.
HARP 3.0 MYREFI (Suggested Potential 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 fast application only takes a few minutes without any personal data 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?