The Home Affordable Refinance Program (HARP) loan helps a large number of home owners in Palm Beach County to refinance their under water homes when it was previously out of the question. If you are among the numerous who qualify for the new HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently be of assistance to you with your home 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 Prerequisites, and Updates
The Making Home Affordable Program, which was created and started in 2009, helps a large number of homeowners who had been previously unable to get refinancing for their mortgage loan. As a result of basic decreases in the economy and home values, home owners were trapped spending money on 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. Utilizing this new loan refinancing process, qualified residents of Delray Beach with HARP Refinancing can get a cheaper payment for their mortgage and save yourself a lot of money in the long run.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home loans with an LTV more than 80% are often unable to qualify for typical mortgage refinancing options, the HARP program was essential to allow for as many people as possible to begin spending less on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has also been subject to some modifications to allow for a lot more flexibility for approval. Right now, the HARP program sold is named HARP 2.0 and provides more flexible qualification conditions. This is a summary of the background and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program provides sizeable assistance for Delray Beach, FL home owners that did not refinance in the past as a result of decreasing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most critical change. Therefore no more limitations on how much money a homeowner owes on their home loan vs. how much money their home is currently worth. Delray Beach, FL home owners upside down or under water on their home loan will get some assistance. Also, there are fewer restricted credit regulations set up. Many of the so called government relief loan refinancing programs in the last several years have fallen short of honestly assisting homeowners to refinance their home mortgage to a lower interest rate. The latest version of the HARP mortgage program (2.0) offers the help many Delray Beach property owners have deparately needed for too long. Despite who your actual loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance on condition that your home 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 facts of the program derive from what is increasingly being reviewed but it is not known what the finished program will provide or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save home owners an average of $300 per month on the mortgage payments, that may add up to $35-70 billion in financial benefits each year.
HARP 3 My Refi (Projected Potential 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 loan eligibility. The fast application only takes one minute with zero personal info ever required. You can also call 800-871-2636 7 days a week.
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