The Home Affordable Refinance Program (HARP) loan enables a great number of home-owners in Manatee County to re-finance their under water homes where it was previously impossible. If you are among the many who qualify for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently help out in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and launched in 2009, helps a great number of homeowners who had been previously helpless to get refinancing for their mortgage. Attributed to existing declines throughout the market and home values, homeowners were having difficulty paying more than they can afford on homes. One of the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, approved home owners of Myakka, FL with HARP Refinancing could possibly get a reduced payment for their mortgage and help you save lots of money over the long haul.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of over 80% on the mortgage loan. Because mortgages with an LTV in excess of 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was important to let as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has also gone through some alterations to permit a lot more flexibility for acceptance. Currently, the HARP program made available is labeled HARP 2.0 and gives more flexible qualification standards. Below is a summary of the background and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process provides significant assistance for Myakka home owners that were not able to refinance their home in the past as a result of shrinking home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most prominent alteration. This indicates no more limitations on how much a homeowner currently owes on their home loan verses how much money their home is currently worth! Myakka homeowners upside down or under water with their home loan will now have some relief. Moreover, there are fewer restrictive credit regulations set up. Many of the so called government refinance loan 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 modern version of the HARP mortgage program (2.0) provides the relief many Myakka, FL home owners have deparately needed for so long. Whatever who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to provide assistance providing your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program derive from what is currently being reviewed but it is not known what the finished program will offer you or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $250 a month on payments, which could add up to $35-70 billion in financial benefits each and every year.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a few minutes without any personal information required. You can also call 800-871-2636 7 days a week.
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