The Home Affordable Refinance Program (HARP) loan makes it possible for a great number of home owners in Orange County to refinance their underwater homes where it was previously not possible. If you are among the many who qualify for the latest HARP home refinance program, FiveStarsMortgage.com can assist 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 Historical Background, Plan Prerequisites, and Features
The Making Home Affordable Program, which was created and launched in late 2009, allows for a large number of homeowners who were previously helpless to get refinancing for their mortgage. As a result of common decreases throughout the market and home value decline, homeowners were stuck having to pay more than they could afford on their homes. Amongst the chief benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, eligible home owners of Oakland, FL with HARP Refinancing can get a decreased payment on their home loan and save a lot of money over the years.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because mortgages with an LTV in excess of 80% are often unable to qualify for common mortgage refinancing options, the HARP program was necessary to enable as many people as possible to start saving money on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally gone through quite a few alterations permitting added flexibility for acceptance. Presently, the HARP program provided is known as HARP 2.0 and offers more flexible qualification requirements. This is the breakdown of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program can give major assistance for Oakland home owners that were not able to refinance in the past stemming from falling 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 LTV, which is the most important modification. This indicates no more restrictions on how much money a homeowner owes on their home verses how much their home is currently worth. Oakland, FL home-owners upside down or under water on their mortgage will now have some help. The best part is, there are a reduced amount of restrictive credit regulations implemented. Most of the so called government home refinance programs in the past have fallen short of actually helping home-owners to refinance their home mortgage to a lower interest rate. The current edition of the HARP mortgage program (2.0) offers the relief many Oakland home-owners have needed for way too long. Regardless of who your current loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to provide assistance so long as your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The main points of the program derive from what is increasingly being outlined but it is not known what the eventual program will offer or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home owners an average of $200 a month on the payments, which might add up to $35-70 billion in savings every year.
HARP 3 My Refi (Recommended Future Program)
HARP refinance loan application form requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a minute without any personal data required. You can also call 800-871-2636 7 days a week.
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