The Home Affordable Refinance Program (HARP) loan helps many homeowners in Palm Beach County to refinance their under water homes when it was previously not possible. If you are one of the many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently help out with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Features
The Making Home Affordable Program, first created and initiated in late 2009, lets numerous home owners who had been previously unable to refinance their home loan. As a result of complete declines throughout the market and home values, home owners were having trouble having to pay more than they could afford on homes. One of the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, qualified home owners of Briny Breezes, FL with HARP Refinancing could get a more affordable payment on their home loan and help you save thousands of dollars over the years.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgage loans that have an LTV of more than 80% are often unable to qualify for traditional loan refinancing options, the HARP program was necessary to allow as many people as possible to begin spending less on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has additionally been subject to a number of adjustments permitting much more flexibility for approval. Right now, the HARP program available is labeled HARP 2.0 and provides more flexible qualification conditions. This is the summary of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program can give substantial assistance for Briny Breezes, FL home owners that could not refinance their home in the past resulting from falling house values. The modern 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 vital change. This suggests no more restrictions on how much a homeowner currently owes on their home verses how much money their house is currently worth. Florida home-owners upside-down or underwater on their mortgage can get some help. Moreover, there are a reduced amount of restrictive credit guidelines installed. Most of the other government backed refinance programs in the past have fallen short of truly assisting homeowners to refinance their home loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Briny Breezes homeowners have needed for way too long. Regardless of who your loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you providing your home 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 facts of the program are derived from what is currently being outlined but it is unknown what the finalized program will offer you or if it will even pass. The federal government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $200 per month on the monthly payments, that can add up to $35-70 billion in financial benefits each and every year.
HARP 3 MYREFI (Recommended Possible Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a few minutes and no personal information ever required. You can also call 800-871-2636 7 days a week.
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