The Home Affordable Refinance Program (HARP) loan helps a great number of home owners in Hillsborough County to refinance their underwater homes when it was previously not possible. If you are one of the several who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently help out with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Changes
The Making Home Affordable Program, which was created and launched in 2009, allows for a large number of homeowners who had been previously struggling to get refinancing for their mortgage loan. Mainly because of total declines in the economy and home value decline, home owners 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. Utilizing this type of new mortgage refinancing approach, eligible homeowners of Tampa with HARP Refinancing may get a decreased payment for their mortgage loan and save thousands of dollars in the long term.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of more than 80% on the home loan. Because mortgage loans with an LTV of over 80% are often not able to qualify for common mortgage refinancing options, the HARP program was essential to let as many people as possible to start spending less on their payments. As borrowers expectations have changed since the program began, the HARP program has additionally gone through quite a few changes permitting a lot more flexibility for acceptance. Right now, the HARP program made available is known as HARP 2.0 and offers more flexible qualification standards. This is the breakdown of the history and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process gives significant relief for Tampa, FL home owners that could not refinance in the past as a consequence of declining house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most significant adjustment. Therefore no more limitations on how much a home owner currently owes on their mortgage loan verses how much their home is currently worth! Tampa home owners upside down or underwater on their mortgage will get some help. Moreover, there are less restrictive credit regulations implemented. Many of the so called government refinance programs in the past have fallen short of actually assisting homeowners to refinance their home loan to a lower interest rate. The modern version of the HARP mortgage program (2.0) offers the relief many Tampa, FL property owners have deparately needed for too long. Despite who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you as long as your 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 details of the program are based upon what is increasingly being discussed but it is not known what the finalized program will give you or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 30 million borrowers and save home-owners an average of $250 a month on the monthly payments, which could add up to $35-70 billion in savings yearly.
HARP 3.0 My Refi (Recommended Potential Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast 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 home-owner that does not presently have a conventional mortgage loan?