The Home Affordable Refinance Program (HARP) loan will permit a great number of homeowners in Polk County to refinance their underwater homes where it was previously out of the question. If you are among the numerous who qualify for the latest HARP home refinance program, FiveStarsMortgage.com will help you to easily help out with 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, Eligibility Requirements, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, lets a large number of home owners who were previously unable to refinance their mortgage. By reason of total decreases in the economy and home value decline, homeowners were trapped paying more than they could afford on their homes. Amongst the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing process, qualified homeowners of Mulberry, FL with HARP Refinancing can usually get a lesser payment for their mortgage loan and save thousands of dollars over the years.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of over 80% on the home loan. Because home loans with an LTV in excess of 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was essential to allow for as many people as possible to begin spending less on their mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally gone through a number of changes to allow added flexibility for acceptance. At present, the HARP program provided is often called HARP 2.0 and provides more flexible qualification standards. Here is a breakdown of the historical past and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program gives sizeable relief for Mulberry, FL home owners that did not refinance their home in the past resulting from diminishing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most prominent modification. It indicates no more limits on how much a home owner owes on their mortgage loan vs. how much their house is currently worth. Mulberry homeowners upside down or under water with their mortgage can have some relief. In addition, there are also a lot less restricted credit regulations set up. Most of the so called government backed refinance programs in the last several years have fallen short of truly supporting home owners to refinance their mortgage loan to a lower rate of interest. The current version of the HARP mortgage program (2.0) provides the relief many Mulberry, FL home owners have needed for so long. Regardless of who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you providing your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based upon what is currently being outlined but it is not known what the eventual program will give you or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $300 a month on their monthly payments, which might total $35-70 billion in cost savings each and every year.
HARP 3.0 My Refi (Suggested Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes one minute with zero personal data required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage?