The Home Affordable Refinance Program (HARP) loan enables a large number of homeowners in Charlotte County to refinance their underwater homes where it was previously impossible. If you are one of the many who are qualified for the latest HARP refinance program, FiveStarsMortgage.com will help you to swiftly be of assistance to you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, helps numerous home owners who were previously struggling to refinance their home loan. Being a result of basic decreases in the economy and property values, homeowners were having problems paying more than they can afford on their homes. One of the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, approved homeowners of Punta Gorda with HARP Refinancing may get a smaller payment on their home and save yourself thousands of dollars in the long run.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because mortgages with an LTV more than 80% are often not in a position to qualify for traditional refinancing options, the HARP program was important to enable as many people as possible to start lowering costs on their payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been through some adjustments to permit a bit more flexibility for acceptance. Right now, the HARP program being offered is referred to as HARP 2.0 and offers more flexible qualification specifications. Here is a breakdown of the background and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program can give sizeable relief for Punta Gorda home owners that were not able to refinance in the past resulting from shrinking 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 critical alteration. This means no more limitations on how much money a home owner currently owes on their home loan verses how much money their home is currently worth. Punta Gorda homeowners upside-down or underwater with their mortgage loan will now get some assistance. In addition, there are a lot less restrictive credit guidelines installed. Most of the so called government relief refinance loan programs in the last several years have fallen short of truly helping home owners to refinance their home loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the help many Punta Gorda, FL home-owners have deparately needed for such a long time. Irrespective of who your current loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help you so long as 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 speculation. The main points of the program are derived from what is currently being outlined but it is not known what the eventual program will offer or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $200 per month on the monthly payments, which could add to $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Planned Potential Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a few minutes and no personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?