The Home Affordable Refinance Program (HARP) loan helps countless homeowners in Palm Beach County to refinance their underwater homes where it was previously impossible. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to easily 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 History, Plan Criteria, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, allows a great number of home owners who had been previously struggling to get refinancing for their mortgage loan. Because of the total declines in the economy and home value decline, homeowners were stuck spending money on more than they can afford on homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, qualified homeowners of Glen Ridge with HARP Refinancing could get a smaller payment on their mortgage loan and save yourself thousands of dollars over the long haul.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgage loans with an LTV in excess of 80% are often unable to qualify for traditional loan refinancing options, the HARP program was necessary to allow for as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally gone through quite a few adjustments permitting added flexibility for approval. Currently, the HARP program made available is labeled HARP 2.0 and offers more flexible qualification conditions. Here is a review of the history and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program is providing critical assistance for Glen Ridge, FL home owners that were not able to refinance in the past attributable to diminishing 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 loan to value, which is the most critical alteration. This indicates no more restrictions on how much a homeowner owes on their mortgage loan verses how much their property is currently worth! Glen Ridge, FL home owners upside down or underwater in their home loan can have some assistance. In addition to this, there are a lot less restricted credit regulations installed. Many of the other government backed refinance programs in the last several years have fallen short of actually aiding home-owners to refinance their mortgage to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) offers the relief many Glen Ridge, FL homeowners have deparately needed for so long. It does not matter who your current loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help so long as 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 details of the program are derived from what is currently being outlined but it is not known what the eventual program will provide or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save families an average of $250 a month on mortgage payments, which could total $35-70 billion in financial benefits annually.
HARP 3 My Refi (Suggested Potential Future Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application form only takes one minute with no personal data required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?