The Home Affordable Refinance Program (HARP) loan lets many home owners in Sumter County to refinance their under water homes when it was previously not possible. If you are among the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to easily help you with the 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, Plan Guidelines, and Enhancements
The Making Home Affordable Program, which was created and launched in 2009, enables many homeowners who had been previously helpless to get refinancing for their mortgage. Caused by common declines throughout the market and property values, homeowners were stuck spending money on more than they could afford on homes. One of the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, approved residents of Wildwood, FL with HARP Refinancing could possibly get a reduced payment on their home loan and help save a lot of money in the long term.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio in excess of 80% on the mortgage loan. Because home loans with an LTV in excess of 80% are often unable to qualify for conventional mortgage refinancing options, the HARP program was needed to enable as many people as possible to start spending less on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been through quite a few variations to allow more flexibility for approval. At this time, the HARP program made available is known as HARP 2.0 and gives more flexible qualification prerequisites. This is the review of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program can give critical assistance for Wildwood home owners that did not refinance in the past because of decreasing home values. The latest 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 modification. This simply means no more limitations on how much money a home owner owes on their home verses how much their home is currently worth. Wildwood, FL home owners upside down or underwater with their mortgage loan can have some help. On top of that, there are a reduced amount of restrictive credit guidelines implemented. Most of the other government refinance programs in the last several years have fallen short of honestly helping home-owners to refinance their home mortgage to a lower interest rate. The modern edition of the HARP mortgage program (2.0) offers the relief many Wildwood, FL home-owners have needed for such a long time. Irrespective of who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist provided that 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 provided is speculation. The facts of the program derive from what is increasingly being outlined but it is not known what the ultimate program can provide or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $350 a month on the payments, that may add up to $35-70 billion in cost savings each and every year.
HARP 3 My Refi (Recommended Potential Future Program)
HARP refinance loan 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 one minute without any personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a conventional mortgage loan?