The Home Affordable Refinance Program (HARP) loan permits many homeowners in Marion County to re-finance their underwater homes where it was previously not possible. If you are among the numerous who qualify for the new HARP refinancing program, FiveStarsMortgage.com will help you to easily be of assistance to you with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Criteria, and Enhancements
The Making Home Affordable Program, first created and initiated in late 2009, lets many home owners who had been previously unable to get refinancing for their home loan. Caused by general declines in the economy and home value decline, home owners were trapped spending money on more than they can afford on homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, approved residents of Silver Springs, FL with HARP Refinancing could get a lesser payment for their home loan and save yourself a lot of money over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgage loans with an LTV of over 80% are often not able to qualify for traditional loan refinancing options, the HARP program was needed to allow for as many people as possible to start saving money on their payments. As borrowers expectations have changed since the program began, the HARP program has additionally been subject to quite a few changes to permit a lot more flexibility for acceptance. At present, the HARP program available is named HARP 2.0 and provides more flexible qualification conditions. This is a breakdown of the historical past and expansion of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program provides substantial relief for Silver Springs home owners that did not refinance in the past stemming from shrinking house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most prominent change. This simply means no more limits on how much a home owner owes on their home loan verses how much their home is currently worth! Silver Springs, FL home-owners upside-down or under water in their mortgage will now have some relief. In addition, there are also fewer restricted credit guidelines installed. Most of the so called government relief home refinance programs in the past have fallen short of actually supporting homeowners to refinance their mortgage to a lower rate of interest. The modern version of the HARP mortgage program (2.0) provides the relief many Silver Springs home owners have needed for too long. It does not matter who your loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help so long as your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The main points of the program are based on what is currently being reviewed but it is not known what the ultimate program will provide or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save home owners an average of $250 a month on the payments, that can add up to $35-70 billion in reductions each and every year.
HARP 3.0 MYREFI (Recommended Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes a minute without any personal info required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage?