The Home Affordable Refinance Program (HARP) loan helps countless homeowners in Polk County to refinance their under water homes where it was previously not possible. If you are among the many who qualify for the latest HARP refinance program, FiveStarsMortgage.com can help you to swiftly help out in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Requirements, and Enhancements
The Making Home Affordable Program, which was created and launched in 2009, helps numerous home owners who had been previously unable to refinance their home loan. Mainly because of overall declines in the economy and home values, home owners were having problems having to pay more than they could afford on homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, eligible residents of Polk City, FL with HARP Refinancing may get a lower payment on their mortgage and save thousands of dollars in the long run.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on their home loan. Because home mortgages with an LTV of over 80% are often not able to qualify for common loan refinancing options, the HARP program was needed to allow as many people as possible to start saving money on their monthly payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally undergone a number of modifications to permit additional flexibility for acceptance. Presently, the HARP program offered is known as HARP 2.0 and offers more flexible qualification guidelines. Below is a breakdown of the historical past and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process offers serious assistance for Polk City, FL home owners that did not refinance their home in the past attributable to reducing house values. The latest 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 vital change. What this means is no more restrictions on how much money a homeowner currently owes on their mortgage verses how much their house is currently worth. Polk City home-owners upside down or underwater in their home loan will now get some assistance. On top of that, there are also less restricted credit regulations implemented. Many of the other government backed refinance loan programs in the last several years have fallen short of actually supporting home owners to refinance their mortgage to a lower rate of interest. The present edition of the HARP mortgage program (2.0) provides the relief many Polk City homeowners have deparately needed for such a long time. No matter what who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance providing your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The specifics of the program are derived from what is increasingly being spoken about but it is unknown what the eventual program may offer or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $300 a month on the monthly mortgage payments, which might add to $35-70 billion in financial benefits each year.
HARP 3.0 MYREFI (Projected Potential Program)
HARP refinance loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a moment without any 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 conventional mortgage loan?