The Home Affordable Refinance Program (HARP) loan permits many home owners in Palm Beach County to re-finance their underwater homes when it was previously not possible. If you are one of many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to swiftly be of assistance to you in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Criteria, and Information
The Making Home Affordable Program, which was created and launched in 2009, helps a great number of homeowners who were previously unable to get refinancing for their mortgage. Simply because of all round decreases in the economy and home value decline, homeowners were bogged down spending money on more than they can afford on homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing approach, qualified home owners of Cloud Lake with HARP Refinancing could get a smaller payment on their mortgage and save lots of money over the years.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio of over 80% on the mortgage. Because mortgages that have an LTV in excess of 80% are often unable to qualify for traditional mortgage refinancing options, the HARP program was important to let as many people as possible to start spending less on their monthly mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been subject to a number of alterations permitting a lot more flexibility for acceptance. At this time, the HARP program sold is identified as HARP 2.0 and gives more flexible qualification prerequisites. Here is a review of the historical past and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program is providing significant relief for Cloud Lake home owners that did not refinance their home in the past as a result of dropping home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most important alteration. This suggests no more limits on how much money a home owner owes on their mortgage loan verses how much their property is currently worth! Cloud Lake, FL home owners upside-down or under water in their mortgage will have some help. Moreover, there are a lot less restrictive credit guidelines in place. Most of the other government relief refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage to a lower interest rate. The current rendition of the HARP mortgage program (2.0) offers the help many Cloud Lake home owners have deparately needed for so long. Irrespective of who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help so long as your home 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 main points of the program are based upon what is currently being spoken about but it is not known what the finished program will offer or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 20 million borrowers and save families an average of $200 a month on mortgage payments, that would total $35-70 billion in reductions each and every year.
HARP 3 MYREFI (Projected Possible Future Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes one minute and no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage loan?