The Home Affordable Refinance Program (HARP) loan lets a large number of home owners in Volusia County to re-finance their underwater homes when it was previously unachievable. If you are among the numerous who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly assist with 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 Criteria, and Information
The Making Home Affordable Program, first created and initiated in 2009, lets many home owners who were previously struggling to get refinancing for their mortgage loan. Stemming from existing decreases throughout the market and property value decline, home owners were having difficulty spending more than they can afford on their homes. Among the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new refinancing process, eligible home owners of Port Orange with HARP Refinancing could get a lower payment on their mortgage loan and save thousands of dollars in the long term.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgage loans that have an LTV of more than 80% are often not in a position to qualify for typical loan refinancing options, the HARP program was essential to let as many people as possible to begin spending less on their mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through a number of adjustments to permit much more flexibility for approval. Currently, the HARP program being offered is called HARP 2.0 and gives more flexible qualification guidelines. This is the review of the historical past and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process provides critical relief for Port Orange home owners that did not refinance in the past resulting from reducing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most essential change. This means no more limits on how much money a home owner currently owes on their home loan verses how much money their home is currently worth. Florida home owners upside-down or under water in their mortgage will have some relief. In addition, there are less restricted credit guidelines implemented. Most of the so called government relief refinance programs in the past have fallen short of honestly aiding home-owners to refinance their home loan to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) offers the help many Port Orange property owners have needed for too long. Regardless of who your loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance provided that your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are derived from what is increasingly being spoken about but it is unknown what the eventual program will provide or if it will even pass through Government red tape. The government has assumed that it would most likely help over 30 million borrowers and save families an average of $300 per month on their monthly mortgage payments, which could add up to $35-70 billion in savings each year.
HARP 3 MYREFI (Projected 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 fast application form only takes a moment and no personal details 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?