The Home Affordable Refinance Program (HARP) loan permits a large number of home owners in Clay County to re-finance their under water homes where it was previously out of the question. If you are among the numerous who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can help you to swiftly help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Guidelines, and Changes
The Making Home Affordable Program, which was created and started in 2009, allows for numerous homeowners who were previously unable to get refinancing for their mortgage loan. By reason of basic decreases in the economy and property values, home owners were cornered spending money on more than they could afford on their homes. Amongst the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing approach, approved home owners of Penney Farms, FL with HARP Refinancing may get a smaller payment for their mortgage loan and help you save lots of money in the long run.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home mortgages with an LTV of more than 80% are often not able to qualify for traditional refinancing options, the HARP program was important to permit as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been through a number of changes to enable greater flexibility for approval. At present, the HARP program made available is labeled HARP 2.0 and offers more flexible qualification specifications. Here is a summary of the historical past and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process can give considerable relief for Penney Farms home owners that did not refinance in the past because of diminishing home 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 prominent adjustment. This indicates no more limits on how much a home owner owes on their mortgage vs. how much their home is currently worth. Penney Farms, FL home owners upside down or under water with their mortgage will have some relief. On top of that, there are also a reduced amount of restricted credit regulations set up. Most of the other government refinance loan programs in the last several years have fallen short of truly assisting home-owners to refinance their home loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the relief many Penney Farms property owners have deparately needed for so long. Whatever who your existing loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you on condition that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The facts of the program are derived from what is increasingly being discussed but it is not known what the ultimate program will provide or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $350 per month on their payments, which could add up to $35-70 billion in cost savings every year.
HARP 3.0 MYREFI (Proposed Possible Future Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a few minutes with zero personal info 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 loan?