The Home Affordable Refinance Program (HARP) loan enables a large number of home owners in Seminole County to refinance their under water homes when it was previously unattainable. If you are one of many who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly assist with the 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 Prerequisites, and Changes
The Making Home Affordable Program, which was created and launched in 2009, allows for many homeowners who had been previously unable to refinance their mortgage. Being a result of all round decreases throughout the market and home values, homeowners were trapped paying more than they could afford on their homes. One of the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new refinancing program, approved residents of Oviedo with HARP Refinancing could get a cheaper payment on their home and save yourself lots of money over the long haul.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgage loans with an LTV more than 80% are often not in a position to qualify for standard refinancing options, the HARP program was important to let as many people as possible to start spending less on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been subject to quite a few improvements permitting additional flexibility for approval. At present, the HARP program provided is named HARP 2.0 and offers more flexible qualification requirements. Below is a summary of the history and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
- Introduced April 2009
- Must be backed by Freddie Mac or Fannie Mae
- Current mortgage must have been secured prior to May 31, 2009
- FHA, USDA, and jumbo loans are not eligible
The HARP 2.0 mortgage refinance loan program gives critical assistance for Oviedo home owners that could not refinance their home in the past attributable to diminishing home values. The newest 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 significant change. Therefore no more limitations on how much money a homeowner currently owes on their mortgage verses how much their home is currently worth! Florida home-owners upside-down or under water on their home loan will now get some assistance. In addition, there are a reduced amount of restricted credit guidelines in place. Many of the so called government refinance loan programs in the last several years have fallen short of actually assisting home owners to refinance their home mortgage to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) provides the relief many Oviedo, FL homeowners have deparately needed for so long. It does not matter who your actual loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist providing your mortgage loan is at present Fannie Mae or Freddie Mac backed.
- Formal HARP program in place right now.
- Created March 2012
- Must have 6 months of continual, on-time mortgage loan payments
- Current mortgage must have been properly secured before May 31, 2009
- No maximum LTV for 30 year fixed rate loans
- 105% LTV regarding adjustable rate mortgages
- Less than 20% equity in home (LTV cannot be less than 80%)
- Only obtainable for Freddie Mac and Fannie Mae guaranteed mortgage loans
- No more than 1 HARP refinance loan allowed per mortgage. If you utilized HARP you can not use HARP 2/li>HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The specifics of the program are based on what is increasingly being reviewed but it is unknown what the eventual program can provide or if it will even have the chance of passing. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $300 a month on their mortgage payments, that can add up to $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Recommended Future Program)
- Now being analyzed by the government, but not yet approved
- If recognized, would increase streamline home refinance opportunities under the existing HARP program
- Could include all other homeowners, including non-Freddie or Fannie home loans
- Home-owners would still need to be up-to-date on their payments
- May likely deal with jumbo loans in addition to other styles of home mortgages
- May still restrict loan refinancing programs for loans prior to May 31, 2009
- HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a few minutes without any personal information ever 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?
- Homeowners that currently have a FHA backed mortgage, please visit https://www.fivestarsmortgage.com/florida-fha-loan for more information about the FHA Streamline refinance program.
- Homeowners with a USDA/Rural Development loan can read about the USDA Pilot Refinance at – https://www.fivestarsmortgage.com/usda-rural-loan
- Homeowners with a VA home loan can read about the VA IRRL refinance here – https://www.fivestarsmortgage.com/floridavaloan