The Home Affordable Refinance Program (HARP) loan will permit a great number of home-owners in Orange County to refinance their underwater homes where it was previously impossible. If you are one of the several who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly be of assistance to you 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, Plan Requirements, and Updates
The Making Home Affordable Program, first created and launched in 2009, allows a great number of homeowners who were previously helpless to refinance their mortgage. Being a result of existing decreases in the economy and property values, homeowners were cornered spending more than they can afford on homes. One of the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, approved residents of Winter Garden with HARP Refinancing may get a more affordable payment on their mortgage and help save lots of money in the long run.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of more than 80% on the home loan. Because mortgage loans that have an LTV in excess of 80% are often not able to qualify for standard refinancing options, the HARP program was necessary to allow as many people as possible to begin spending less on their payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally been through some improvements to permit increased flexibility for acceptance. Currently, the HARP program offered is labeled HARP 2.0 and offers more flexible qualification requirements. This is the breakdown of the background and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program can give serious assistance for Winter Garden, FL home owners that did not refinance in the past stemming from declining house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most significant alteration. This means no more limitations on how much a homeowner currently owes on their mortgage loan verses how much their property is currently worth! Florida home owners upside down or underwater with their mortgage will now have some relief. Moreover, there are also a reduced amount of restrictive credit regulations implemented. Most of the other government backed refinance loan programs in the last several years have fallen short of honestly supporting home owners to refinance their mortgage to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the relief many Winter Garden property owners have needed for so long. Despite who your loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help on condition that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program derive from what is increasingly being reviewed but it is unknown what the eventual program will provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $400 per month on the mortgage payments, that would add to $35-70 billion in cost savings annually.
HARP 3.0 MYREFI (Proposed Possible Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes one minute with zero personal details 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?