The Home Affordable Refinance Program (HARP) loan enables a large number of homeowners in Marion County to refinance their underwater homes where it was previously impossible. If you are one of the many who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to swiftly assist with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Guidelines, and Enhancements
The Making Home Affordable Program, first created and started in late 2009, allows many homeowners who were previously unable to get refinancing for their home loan. Attributable to overall decreases in the economy and home values, home owners were stuck spending money on more than they could afford on homes. Amongst the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, approved homeowners of Summerfield, FL with HARP Refinancing can usually get a decreased payment on their mortgage and help save a lot of money over the long haul.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of over 80% on the home loan. Because home loans with an LTV more than 80% are often unable to qualify for traditional refinancing options, the HARP program was essential to permit as many people as possible to start spending less on their payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been through quite a few modifications permitting added flexibility for acceptance. At this time, the HARP program sold is called HARP 2.0 and provides more flexible qualification requirements. This is a breakdown of the background and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process is providing essential assistance for Summerfield, FL home owners that did not refinance in the past due to decreasing home values. The new 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 critical modification. This indicates no more restrictions on how much money a home owner currently owes on their home vs. how much money their home is currently worth! Florida home owners upside down or underwater on their mortgage will have some relief. Moreover, there are fewer restrictive credit regulations set up. Most of the so called government refinance loan programs in the last several years have fallen short of honestly helping homeowners to refinance their home loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) provides the relief many Summerfield property owners have deparately needed for such a long time. Regardless of who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you as long as 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 main points of the program are derived from what is increasingly being reviewed but it is not known what the final program will provide or if it will even have the chance of passing. The federal government has assumed that it would likely help over 30 million borrowers and save families an average of $250 per month on the monthly payments, that may total $35-70 billion in reductions each and every year.
HARP 3 MYREFI (Recommended Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application only takes one minute with zero 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 loan?