The Home Affordable Refinance Program (HARP) loan would allow a large number of home-owners in Lake County to re-finance their underwater homes where it was previously out of the question. If you are among the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com will help you to easily be of assistance to you with your mortgage 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 Requirements, and Information
The Making Home Affordable Program, first created and initiated in 2009, lets many homeowners who were previously helpless to get refinancing for their home loan. Because of the basic decreases in the economy and home value decline, home owners were stuck having to pay more than they could afford on their homes. One of the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing approach, approved home owners of Montiverde, FL with HARP Refinancing could get a cheaper payment for their home loan and save lots of money in the long run.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home loans that have an LTV more than 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was necessary to let as many people as possible to start spending less on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has additionally been subject to some adjustments to enable a lot more flexibility for approval. At present, the HARP program provided is often called HARP 2.0 and offers more flexible qualification prerequisites. Below is a breakdown of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process can give critical relief for Montiverde, FL home owners that could not refinance in the past stemming from diminishing house values. The new 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 vital alteration. Therefore no more limitations on how much a home owner currently owes on their home loan vs. how much their home is currently worth. Florida home owners upside down or under water with their mortgage will now get some relief. The best part is, there are also less restricted credit guidelines implemented. Many of the other government backed loan refinancing programs in the past have fallen short of actually supporting homeowners to refinance their mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the help many Montiverde, FL home-owners have needed for such a long time. Regardless of who your current loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist as 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 provided is hypothesis. The main points of the program are based on what is increasingly being discussed but it is not known what the finished program will provide or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save families an average of $300 per month on the monthly payments, which might add to $35-70 billion in reductions every year.
HARP 3 MYREFI (Proposed Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a minute and no personal data required. You can also call 800-871-2636 7 days a week.
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