The Home Affordable Refinance Program (HARP) loan will permit countless home-owners in Baker County to re-finance their underwater homes when it was previously impossible. If you are one of the several who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to quickly assist with the 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, Eligibility Prerequisites, and Features
The Making Home Affordable Program, which was created and initiated in 2009, allows a great number of home owners who were previously struggling to get refinancing for their mortgage loan. Because of the total declines throughout the market and property value decline, homeowners were bogged down having to pay more than they can afford on their homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, qualified home owners of Sanderson, FL with HARP Refinancing can usually get a smaller payment on their home and help you save thousands of dollars over the years.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of more than 80% on the mortgage. Because mortgages that have an LTV in excess of 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was needed to enable as many people as possible to begin saving money on their payments. As borrowers expectations have changed since the program began, the HARP program has also gone through quite a few adjustments to allow additional flexibility for acceptance. Presently, the HARP program sold is identified as HARP 2.0 and offers more flexible qualification prerequisites. This is a summary of the background and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program gives serious relief for Sanderson home owners that were not able to refinance in the past attributable to reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most essential change. This means no more limits on how much money a homeowner owes on their mortgage loan vs. how much money their house is currently worth. Florida homeowners upside down or under water with their home loan can get some assistance. Also, there are less restricted credit guidelines set up. Many of the other government backed home refinance programs in the last several years have fallen short of honestly helping homeowners to refinance their mortgage loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Sanderson property owners have deparately needed for such a long time. Irrespective of who your current loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The facts of the program derive from what is increasingly being reviewed but it is not known what the finished program will offer or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $250 per month on monthly mortgage payments, that would total $35-70 billion in savings each and every year.
HARP 3 My Refi (Proposed Possible Future Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a minute with zero personal information required. You can also call 800-871-2636 7 days a week.
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