The Home Affordable Refinance Program (HARP) loan helps a great number of home owners in Palm Beach County to refinance their underwater homes where it was previously unattainable. If you are among the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can help you to quickly assist with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Requirements, and Enhancements
The Making Home Affordable Program, which was created and launched in late 2009, lets a large number of home owners who were previously helpless to refinance their mortgage loan. On account of basic declines throughout the market and property value decline, home owners were having problems spending money on more than they can afford on their homes. Amongst the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing process, qualified homeowners of Boca Raton, FL with HARP Refinancing could get a smaller payment for their home loan and help you save thousands of dollars over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home mortgages that have an LTV more than 80% are often not in a position to qualify for common loan refinancing options, the HARP program was needed to allow for as many people as possible to begin spending less on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally been subject to quite a few modifications to permit a bit more flexibility for acceptance. At present, the HARP program offered is identified as HARP 2.0 and offers more flexible qualification standards. Below is a summary of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process gives substantial assistance for Boca Raton, FL home owners that did not refinance in the past due to dropping house values. The latest 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 essential change. What this means is no more restrictions on how much a home owner currently owes on their home loan vs. how much their property is currently worth. Boca Raton, FL home owners upside down or under water in their mortgage will now have some help. In addition, there are also a reduced amount of restrictive credit regulations in place. Many of the so called government refinance programs in the past have fallen short of honestly assisting home owners to refinance their home loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the relief many Boca Raton, FL property owners have needed for too long. Whatever who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are derived from what is increasingly being outlined but it is unknown what the final program can provide or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $400 per month on their payments, that would add up to $35-70 billion in financial benefits every year.
HARP 3.0 My Refi (Projected Possible Future Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a minute without any personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?