The Home Affordable Refinance Program (HARP) loan would allow a large number of homeowners in Palm Beach County to re-finance their under water homes where it was previously impossible. If you are one of many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can assist you to swiftly be of assistance to you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Criteria, and Information
The Making Home Affordable Program, first created and started in late 2009, helps a great number of home owners who were previously struggling to refinance their home loan. On account of basic declines in the economy and property values, home owners were stuck spending money on 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. With this new loan refinancing process, approved homeowners of Greenacres with HARP Refinancing could possibly get a reduced payment on their home and save a lot of money in the long run.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because home loans that have an LTV in excess of 80% are often unable to qualify for traditional refinancing options, the HARP program was necessary to permit as many people as possible to start saving money on their payments. As borrowers expectations have changed since the program began, the HARP program has additionally undergone quite a few modifications to allow increased flexibility for approval. Presently, the HARP program made available is called HARP 2.0 and offers more flexible qualification specifications. This is a summary of the background and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process is providing significant relief for Greenacres, FL home owners that did not refinance in the past resulting from declining house 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 prominent change. This means no more limits on how much money a home owner currently owes on their mortgage loan verses how much money their property is currently worth! Florida home owners upside down or underwater on their home loan will get some assistance. The best part is, there are also fewer restricted credit regulations set up. Many of the other government home refinance programs in the last several years have fallen short of honestly supporting home owners to refinance their home mortgage to a lower rate of interest. The latest rendition of the HARP mortgage program (2.0) provides the help many Greenacres, FL home owners have needed for too long. Irrespective of who your loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help so long as your 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 details of the program derive from what is currently being outlined but it is unknown what the ultimate program offers or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save families an average of $300 a month on their payments, that would add up to $35-70 billion in cost savings each year.
HARP 3 My Refi (Recommended Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes one minute with no personal info required. You can also call 800-871-2636 7 days a week.
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