The Home Affordable Refinance Program (HARP) loan will permit many home-owners in Hernando County to refinance their under water homes when it was previously not possible. If you are one of the numerous who qualify for the newest HARP refinancing program, FiveStarsMortgage.com will help you to easily help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Criteria, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, enables many homeowners who had been previously helpless to refinance their mortgage. Resulting from existing decreases in the economy and home value decline, homeowners were having difficulty spending money on more than they could afford on their homes. One of the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing approach, eligible residents of Spring Hill, FL with HARP Refinancing could possibly get a more affordable payment for their home and save thousands of dollars in the long term.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because mortgage loans with an LTV of over 80% are often not in a position to qualify for conventional mortgage refinancing options, the HARP program was important to let as many people as possible to begin lowering costs on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also undergone some adjustments to enable far more flexibility for approval. Currently, the HARP program provided is referred to as HARP 2.0 and offers more flexible qualification standards. Here is a breakdown of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides serious relief for Spring Hill, FL home owners that did not refinance their home in the past caused by decreasing house values. The new 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 vital adjustment. This suggests no more restrictions on how much money a homeowner owes on their home verses how much their property is currently worth! Spring Hill, FL homeowners upside down or underwater on their mortgage will have some help. On top of that, there are a reduced amount of restricted credit regulations in place. Most of the other government loan refinancing programs in the past have fallen short of actually supporting homeowners to refinance their home loan to a lower interest rate. The present version of the HARP mortgage program (2.0) provides the help many Spring Hill homeowners have deparately needed for such a long time. Whatever who your loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist so long as your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The important points of the program are based on what is currently being outlined but it is not known what the ultimate program will offer you or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $200 per month on their mortgage payments, that could add to $35-70 billion in savings every year.
HARP 3.0 My Refi (Proposed Possible Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a few minutes without any personal data required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a conventional mortgage?