The Home Affordable Refinance Program (HARP) loan helps countless home-owners in Seminole County to re-finance their underwater homes when it was previously impossible. If you are one of the numerous who are qualified for the new HARP refinancing program, FiveStarsMortgage.com can help you to swiftly assist with the loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, allows for a great number of homeowners who had been previously helpless to get refinancing for their home loan. Simply because of complete declines throughout the market and home values, home owners were having difficulty paying more than they can afford on their homes. One of the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified homeowners of Sanford with HARP Refinancing can usually get a cheaper payment on their mortgage and help you save thousands of dollars over time.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because mortgage loans with an LTV of more than 80% are often not in a position to qualify for conventional refinancing options, the HARP program was important to allow for as many people as possible to start spending less on their payments. As credit seekers needs have changed since the program began, the HARP program has also gone through a number of adjustments permitting added flexibility for acceptance. Currently, the HARP program provided is known as HARP 2.0 and provides more flexible qualification standards. Here is a review of the history and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program offers substantial relief for Sanford, FL home owners that were not able to refinance their home in the past attributable to reducing home values. The latest 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 essential adjustment. Therefore no more limitations on how much money a homeowner currently owes on their home loan vs. how much their property is currently worth! Sanford homeowners upside-down or underwater in their mortgage will have some assistance. In addition, there are also fewer restrictive credit guidelines implemented. Most of the so called government backed home refinance programs in the past have fallen short of honestly supporting home-owners to refinance their home loan to a lower interest rate. The current version of the HARP mortgage program (2.0) provides the help many Sanford home-owners have needed for way too long. Whatever who your loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can help provided that 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 discussed is simply hypothesis. The details of the program derive from what is increasingly being reviewed but it is not known what the finalized program will offer you or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $350 a month on their payments, that can add to $35-70 billion in savings yearly.
HARP 3 MYREFI (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 only takes a moment without any personal data required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage?