The Home Affordable Refinance Program (HARP) loan permits countless home-owners in Jackson County to refinance their underwater homes where it was previously impossible. If you are one of many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com will 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 Qualifications, Plan Prerequisites, and Information
The Making Home Affordable Program, which was created and started in 2009, lets a large number of home owners who were previously unable to refinance their mortgage. On account of overall declines in the economy and home value decline, home owners were stuck spending money on more than they could afford on their homes. Amongst the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, approved home owners of Sneads with HARP Refinancing may get a smaller payment on their home and save yourself a lot of money over time.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgages that have an LTV more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was needed to enable as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally undergone quite a few modifications to enable extra flexibility for acceptance. Right now, the HARP program available is called HARP 2.0 and offers more flexible qualification standards. Here is a summary of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program gives critical assistance for Sneads, FL home owners that were not able to refinance their home in the past resulting from diminishing home values. The modern 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 significant modification. Meaning no more limitations on how much money a home owner owes on their home vs. how much money their home is currently worth. Florida home-owners upside-down or underwater with their mortgage will now get some relief. In addition, there are a reduced amount of restricted credit guidelines set up. Most of the other government home refinance programs in the past have fallen short of truly assisting homeowners to refinance their mortgage to a lower interest rate. The modern edition of the HARP mortgage program (2.0) offers the relief many Sneads, FL homeowners have deparately needed for such a long time. It does not matter who your current loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The specifics of the program derive from what is currently being outlined but it is not known what the eventual program will offer or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save families an average of $200 per month on the monthly payments, which might add up to $35-70 billion in reductions each and every year.
HARP 3 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 one minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a conventional mortgage?