The Home Affordable Refinance Program (HARP) loan allows countless homeowners in Sarasota County to re-finance their underwater homes where it was previously unattainable. If you are one of the several who qualify for the newest HARP refinancing program, FiveStarsMortgage.com will help you to quickly assist in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Plan Criteria, and Information
The Making Home Affordable Program, which was created and started in 2009, lets numerous homeowners who had been previously unable to get refinancing for their home loan. As a consequence of common declines throughout the market and home value decline, home owners were having problems paying more than they could afford on homes. Among the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, approved residents of Nokomis with HARP Refinancing could possibly get a more affordable payment on their home loan and help save thousands of dollars over the years.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio greater than 80% on the mortgage loan. Because mortgage loans with an LTV of over 80% are often not in a position to qualify for typical loan refinancing options, the HARP program was essential to allow as many people as possible to begin lowering costs on their mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been subject to a number of variations permitting significantly more flexibility for acceptance. Right now, the HARP program sold is known as HARP 2.0 and provides more flexible qualification prerequisites. Below is a review of the historical past and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program is providing essential relief for Nokomis, FL home owners that were not able to refinance their home in the past as a consequence of shrinking house 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 critical adjustment. Meaning no more limitations on how much a homeowner currently owes on their home verses how much money their property is currently worth. Florida homeowners upside down or under water with their home loan will now have some assistance. The best part is, there are a reduced amount of restricted credit guidelines implemented. Most of the so called government relief refinance programs in the past have fallen short of honestly aiding homeowners to refinance their mortgage loan to a lower rate of interest. The present variation of the HARP mortgage program (2.0) provides the relief many Nokomis property owners have needed for such a long time. No matter what who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can assist providing your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The important points of the program derive from what is increasingly being spoken about but it is unknown what the finished program offers or if it will even pass through Government red tape. The government has assumed that it would most likely help over 30 million borrowers and save home-owners an average of $200 per month on their payments, which might add to $35-70 billion in savings each and every year.
HARP 3 My Refi (Suggested Potential Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a moment without any personal data ever required. You can also call 800-871-2636 7 days a week.
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