The Home Affordable Refinance Program (HARP) loan allows many home owners in Clay County to re-finance their underwater homes when it was previously unattainable. If you are one of the numerous who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently help you with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Changes
The Making Home Affordable Program, first created and started in 2009, enables a great number of homeowners who were previously unable to refinance their mortgage. As a consequence of complete decreases in the economy and home value decline, home owners were cornered paying more than they can afford on their homes. Amongst the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, eligible home owners of Middleburg, FL with HARP Refinancing may get a decreased payment for their home and help save a lot of money in the long term.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of over 80% on their home loan. Because mortgage loans that have an LTV of over 80% are often not in a position to qualify for traditional refinancing options, the HARP program was necessary to let as many people as possible to start saving money on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has also gone through quite a few variations to allow for much more flexibility for acceptance. Currently, the HARP program being offered is referred to as HARP 2.0 and gives more flexible qualification conditions. This is the summary of the background and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program can give critical assistance for Middleburg, FL home owners that did not refinance in the past as a consequence of falling house values. The new 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 critical change. It indicates no more limitations on how much money a home owner owes on their home vs. how much money their house is currently worth. Florida home-owners upside-down or underwater with their home loan will now get some relief. Also, there are a reduced amount of restrictive credit regulations in place. Many of the other government refinance loan programs in the past have fallen short of actually aiding home-owners to refinance their home mortgage to a lower interest rate. The latest variation of the HARP mortgage program (2.0) offers the relief many Middleburg home owners have deparately needed for such a long time. It does not matter who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The specifics of the program derive from what is increasingly being reviewed but it is not known what the final program will offer or if it will even have the chance of passing. The federal government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $300 per month on their monthly mortgage payments, that may total $35-70 billion in savings every year.
HARP 3.0 My Refi (Proposed Possible Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes one minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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