The Home Affordable Refinance Program (HARP) loan enables many home-owners in Marion County to refinance their under water homes when it was previously impossible. If you are among the many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to easily be of assistance to you in your mortgage loan. 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 Requirements, and Enhancements
The Making Home Affordable Program, which was created and launched in 2009, allows a great number of home owners who had been previously unable to refinance their home loan. Caused by complete declines throughout the market and property value decline, home owners were trapped spending money on more than they can afford on homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, eligible residents of Ocala with HARP Refinancing can get a cheaper payment for their mortgage and help you save lots of money in the long run.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home mortgages with an LTV of over 80% are often unable to qualify for typical refinancing options, the HARP program was needed to enable as many people as possible to begin spending less on their payments. As borrowers needs have changed since the program began, the HARP program has also gone through some variations to allow for significantly more flexibility for acceptance. At present, the HARP program being offered is labeled HARP 2.0 and offers more flexible qualification standards. Below is a breakdown of the historical past and progression of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process is providing serious relief for Ocala, FL home owners that did not refinance in the past as a consequence of dropping 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 LTV, which is the most vital modification. This indicates no more restrictions on how much a homeowner owes on their home loan vs. how much their home is currently worth. Florida home-owners upside down or underwater on their mortgage loan will have some relief. In addition, there are also a reduced amount of restricted credit regulations installed. Many of the so called government relief loan refinancing programs in the last several years have fallen short of honestly supporting homeowners to refinance their mortgage loan to a lower interest rate. The present rendition of the HARP mortgage program (2.0) provides the relief many Ocala, FL homeowners have deparately needed for so long. Despite who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist providing your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are based upon what is currently being spoken about but it is not known what the eventual program will give you or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save families an average of $300 a month on monthly mortgage payments, that could total $35-70 billion in savings each year.
HARP 3 My Refi (Recommended Potential Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a few minutes with zero personal data ever 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?