The Home Affordable Refinance Program (HARP) loan enables countless home-owners in Leon County to refinance their under water homes when it was previously not possible. If you are one of the numerous who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to swiftly help out in your home 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 Guidelines, and Updates
The Making Home Affordable Program, which was created and started in 2009, allows a large number of homeowners who were previously struggling to get refinancing for their mortgage loan. Resulting from basic declines throughout the market and property value decline, homeowners were trapped spending money on more than they could afford on homes. Among the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, approved residents of Tallahassee with HARP Refinancing could possibly get a smaller payment for their mortgage loan and save thousands of dollars in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because mortgage loans that have an LTV of more than 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was needed to allow for as many people as possible to begin saving money on their monthly mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through some alterations to allow increased flexibility for acceptance. Currently, the HARP program being offered is labeled HARP 2.0 and offers more flexible qualification guidelines. This is a breakdown of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program provides serious relief for Tallahassee home owners that could not refinance their home in the past on account of falling home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most prominent change. Meaning no more limitations on how much money a home owner owes on their home vs. how much money their home is currently worth. Tallahassee, FL homeowners upside-down or under water with their home loan can get some help. The best part is, there are also a reduced amount of restricted credit guidelines in place. Many of the so called government backed home refinance programs in the past have fallen short of honestly supporting homeowners to refinance their home mortgage to a lower rate of interest. The present edition of the HARP mortgage program (2.0) provides the relief many Tallahassee home owners have needed for too long. It does not matter who your loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you as long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The main points of the program are based on what is increasingly being outlined but it is not known what the ultimate program can provide or if it will even pass through Government red tape. The government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $250 a month on the payments, that can add up to $35-70 billion in financial benefits yearly.
HARP 3.0 MYREFI (Recommended Possible Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes one minute without any personal information ever required. You can also call 800-871-2636 7 days a week.
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