The Home Affordable Refinance Program (HARP) loan helps a large number of home-owners in Polk County to re-finance their under water homes where it was previously unachievable. If you are one of the many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can assist you to quickly help out in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Guidelines, and Enhancements
The Making Home Affordable Program, which was created and launched in 2009, allows for many homeowners who had been previously helpless to refinance their home loan. A result of existing decreases throughout the market and property values, homeowners were having trouble spending money on more than they could afford on homes. Among the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, qualified homeowners of Winter Haven with HARP Refinancing can get a more affordable payment for their mortgage and save thousands of dollars over the long haul.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of over 80% on the mortgage. Because home loans with an LTV more than 80% are often not able to qualify for conventional refinancing options, the HARP program was necessary to enable as many people as possible to start saving money on their monthly payments. As borrowers expectations have changed since the program began, the HARP program has also been through some improvements to allow for far more flexibility for acceptance. At present, the HARP program offered is known as HARP 2.0 and provides more flexible qualification conditions. Below is a review of the history and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program gives major assistance for Winter Haven home owners that could not refinance in the past on account of dropping home values. The modern 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 important modification. It indicates no more limitations on how much a home owner currently owes on their home loan verses how much their home is currently worth! Florida homeowners upside-down or under water on their mortgage can get some help. In addition to this, there are fewer restricted credit regulations installed. Many of the so called government loan refinancing programs in the last several years have fallen short of actually aiding home owners to refinance their mortgage to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the help many Winter Haven, FL property owners have deparately needed for so long. Irrespective of who your existing loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help provided that 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 details of the program are based on what is increasingly being outlined but it is unknown what the ultimate 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 $350 per month on mortgage payments, which might add to $35-70 billion in financial benefits each year.
HARP 3.0 MYREFI (Proposed Potential Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a 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 currently have a conventional mortgage loan?