The Home Affordable Refinance Program (HARP) loan allows for countless home-owners in Palm Beach County to refinance their underwater homes when it was previously unachievable. If you are among the many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly help out in your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Guidelines, and Updates
The Making Home Affordable Program, which was created and launched in late 2009, enables numerous home owners who had been previously unable to get refinancing for their mortgage loan. On account of total decreases throughout the market and home values, homeowners were cornered paying more than they can afford on their homes. Among the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing process, eligible homeowners of Atlantis, FL with HARP Refinancing can usually get a more affordable payment on their mortgage and save yourself thousands of dollars over time.
The HARP program is for home-owners with Freddie Mac or Fannie Mae backed mortgages which have a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home loans with an LTV of over 80% are often not in a position to qualify for common refinancing options, the HARP program was needed to allow as many people as possible to begin saving money on their payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally undergone a number of changes permitting added flexibility for acceptance. At this time, the HARP program being offered is identified as HARP 2.0 and provides more flexible qualification conditions. This is a breakdown of the history and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process is providing significant relief for Atlantis home owners that did not refinance in the past attributable to shrinking house values. The new 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 adjustment. This means no more limits on how much a homeowner currently owes on their mortgage loan vs. how much their house is currently worth! Florida homeowners upside down or under water with their home loan will get some assistance. In addition, there are also a lot less restrictive credit regulations implemented. Many of the so called government relief home refinance programs in the last several years have fallen short of actually assisting home owners to refinance their home loan to a lower interest rate. The current edition of the HARP mortgage program (2.0) provides the help many Atlantis, FL property owners have needed for such a long time. Irrespective of who your loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist as long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The details of the program are derived from what is currently being spoken about but it is unknown what the ultimate program will offer or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $250 per month on monthly payments, which could add to $35-70 billion in reductions every year.
HARP 3 My Refi (Recommended Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The short application only takes a few minutes without any personal data required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?