The Home Affordable Refinance Program (HARP) loan allows a great number of homeowners in Putnam County to re-finance their under water homes when it was previously unachievable. If you are one of the several who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can assist 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 Qualifications, Eligibility Prerequisites, and Information
The Making Home Affordable Program, which was created and started in late 2009, allows for many homeowners who were previously unable to refinance their mortgage. A consequence of all around declines in the economy and property value decline, home owners were cornered having to pay more than they could afford on their homes. Among the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing approach, qualified homeowners of Palatka, FL with HARP Refinancing could possibly get a lower payment for their home loan and save thousands of dollars over the years.
The HARP program 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 their mortgage loan. Because mortgages with an LTV of over 80% are often unable to qualify for typical refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their monthly payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been subject to quite a few modifications to enable a bit more flexibility for acceptance. At present, the HARP program being offered is identified as HARP 2.0 and provides more flexible qualification specifications. Here is a summary of the background and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives essential relief for Palatka home owners that were not able to refinance in the past as a result of shrinking house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most prominent modification. Meaning no more limitations on how much a homeowner currently owes on their home vs. how much their house is currently worth. Palatka homeowners upside down or underwater on their mortgage can have some relief. In addition to this, there are also less restricted credit regulations in place. Many of the so called government relief refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their home mortgage to a lower rate of interest. The current rendition of the HARP mortgage program (2.0) provides the help many Palatka, FL home-owners have deparately needed for way too long. Irrespective of who your existing loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance provided that your mortgage 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 specifics of the program derive from what is currently being reviewed but it is unknown what the finished program may offer or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $200 a month on their monthly payments, that can total $35-70 billion in cost savings each year.
HARP 3.0 My Refi (Projected Possible Future Program)
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 short application form only takes a moment and no personal info ever required. You can also call 800-871-2636 7 days a week.
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