The Home Affordable Refinance Program (HARP) loan allows countless homeowners in Gadsden County to re-finance their underwater homes where it was previously not possible. If you are one of the several who qualify for the new HARP home refinance program, FiveStarsMortgage.com can help you to efficiently help out with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Enhancements
The Making Home Affordable Program, which was created and initiated in late 2009, lets many home owners who were previously struggling to refinance their mortgage loan. As a result of common declines throughout the market and property values, home owners were having trouble having to pay more than they could afford on homes. One of the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible homeowners of Midway with HARP Refinancing may get a lower payment on their mortgage and help you save thousands of dollars over the long haul.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because home mortgages with an LTV in excess of 80% are often unable to qualify for standard loan refinancing options, the HARP program was needed to let as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has also gone through a number of changes to allow for more flexibility for acceptance. Currently, the HARP program sold is named HARP 2.0 and provides more flexible qualification conditions. This is a breakdown of the historical past and development of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program provides essential assistance for Midway home owners that were not able to 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 unrestricted LTV, which is the most important alteration. Therefore no more limits on how much a home owner owes on their mortgage loan vs. how much their property is currently worth! Florida home owners upside-down or under water on their home loan will have some help. Moreover, there are fewer restrictive credit guidelines in place. Many of the so called government backed refinance programs in the last several years have fallen short of honestly aiding homeowners to refinance their home mortgage to a lower rate of interest. The current variation of the HARP mortgage program (2.0) provides the relief many Midway home owners have deparately needed for so long. Irrespective of who your loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist as long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The details of the program are based on what is increasingly being discussed but it is unknown what the finished program will provide or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $250 per month on the monthly payments, which might total $35-70 billion in financial benefits annually.
HARP 3 My Refi (Proposed Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes one minute without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?