The Home Affordable Refinance Program (HARP) loan permits a large number of home-owners in Alachua County to re-finance their underwater homes where it was previously impossible. If you are among the many who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help 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 Historical Background, Plan Guidelines, and Features
The Making Home Affordable Program, first created and initiated in late 2009, helps a great number of homeowners who were previously helpless to get refinancing for their mortgage. By reason of general declines in the economy and home value decline, homeowners were bogged down spending more than they can afford on homes. Among the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible home owners of Newberry with HARP Refinancing could get a reduced payment on their home and save thousands of dollars in the long term.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because home loans with an LTV of over 80% are often unable to qualify for conventional refinancing options, the HARP program was needed to let as many people as possible to start saving money on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also been through some changes to allow additional flexibility for approval. Currently, the HARP program sold is labeled HARP 2.0 and offers more flexible qualification standards. Here is a review of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program provides essential relief for Newberry home owners that were not able to refinance their home in the past caused by shrinking house values. The new 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 essential alteration. This indicates no more restrictions on how much money a homeowner currently owes on their mortgage verses how much their property is currently worth. Florida home-owners upside down or under water on their home loan will have some relief. The best part is, there are less restricted credit regulations set up. Most of the so called government backed loan refinancing programs in the last several years have fallen short of honestly helping homeowners to refinance their mortgage to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) offers the help many Newberry, FL property owners have deparately needed for so long. No matter what who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist on condition that your mortgage 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 facts of the program are based on what is increasingly being outlined but it is not known what the ultimate program will offer or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $350 per month on the mortgage payments, that would add to $35-70 billion in financial benefits every year.
HARP 3.0 My Refi (Suggested Potential Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a minute and no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?