The Home Affordable Refinance Program (HARP) loan allows a large number of home-owners in Collier County to re-finance their under water homes where it was previously not possible. If you are one of many who qualify for the newest HARP refinance program, FiveStarsMortgage.com can assist you to quickly help out in 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 Background, Eligibility Guidelines, and Changes
The Making Home Affordable Program, first created and started in 2009, allows for many home owners who had been previously helpless to refinance their mortgage loan. Resulting from complete declines in the economy and home values, home owners were having trouble spending more than they could afford on their homes. One of the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, eligible home owners of Naples, FL with HARP Refinancing can get a more affordable payment for their home loan and help save a lot of money in the long run.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgage loans with an LTV of over 80% are often not in a position to qualify for traditional refinancing options, the HARP program was essential to enable as many people as possible to start saving money on their monthly payments. As credit seekers demands have changed since the program began, the HARP program has also gone through quite a few improvements to allow for much more flexibility for acceptance. Currently, the HARP program being offered is known as HARP 2.0 and provides more flexible qualification conditions. Below is a summary of the history and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process offers serious assistance for Naples home owners that could not refinance in the past resulting from shrinking home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most important alteration. This simply means no more restrictions on how much a homeowner currently owes on their mortgage vs. how much their house is currently worth! Naples home owners upside down or underwater on their home loan will have some relief. The best part is, there are a lot less restrictive credit regulations in place. Most of the other government backed home refinance programs in the past have fallen short of actually assisting home owners to refinance their mortgage to a lower interest rate. The present version of the HARP mortgage program (2.0) offers the relief many Naples property owners have needed for so long. Whatever who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist on condition that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The specifics of the program are based upon what is currently being outlined but it is not known what the eventual program offers or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $350 a month on their payments, that would add up to $35-70 billion in reductions each year.
HARP 3 MYREFI (Suggested Potential Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes one minute without any personal information required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage loan?