The Home Affordable Refinance Program (HARP) loan lets a great number of home-owners in Hardee County to refinance their under water homes when it was previously out of the question. If you are one of the numerous who qualify for the new HARP refinancing program, FiveStarsMortgage.com can assist you to swiftly help out 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 History, Eligibility Criteria, and Updates
The Making Home Affordable Program, which was created and initiated in 2009, lets a great number of home owners who were previously helpless to get refinancing for their home loan. A consequence of total decreases in the economy and property value decline, homeowners were having trouble having to pay more than they could afford on their homes. Among the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, eligible residents of Wauchula with HARP Refinancing can usually get a reduced payment on their home loan and save yourself a lot of money over the years.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home loans with an LTV more than 80% are often not in a position to qualify for common loan refinancing options, the HARP program was essential to allow for as many people as possible to start saving money on their monthly payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also been subject to some adjustments to enable added flexibility for acceptance. Right now, the HARP program provided is labeled HARP 2.0 and gives more flexible qualification specifications. This is a review of the history and expansion of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan process offers considerable relief for Wauchula home owners that did not refinance their home in the past as a result of decreasing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most essential change. Therefore no more limitations on how much money a home owner currently owes on their mortgage loan vs. how much money their property is currently worth! Wauchula, FL homeowners upside-down or under water on their mortgage loan will have some help. On top of that, there are also a lot less restricted credit regulations in place. Most of the other government relief home refinance programs in the past have fallen short of truly supporting home owners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the relief many Wauchula property owners have needed for so long. Irrespective of who your current loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help you so long as your home mortgage is currently 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 derive from what is increasingly being spoken about but it is unknown what the final program will offer you or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 per month on payments, that can total $35-70 billion in savings each and every year.
HARP 3 My Refi (Suggested Future 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 a minute without any personal data required. You can also call 800-871-2636 7 days a week.
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