The Home Affordable Refinance Program (HARP) loan permits many home owners in Palm Beach County to re-finance their under water homes where it was previously unachievable. If you are among the numerous who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to swiftly assist in 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 Historical Background, Plan Requirements, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, allows for a great number of home owners who were previously helpless to refinance their home loan. Due to the existing decreases throughout the market and home value decline, homeowners were bogged down having to pay more than they could afford on homes. One of the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, approved homeowners of Golf, FL with HARP Refinancing could possibly get a lesser payment for their home loan and help you save thousands of dollars over the years.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because mortgages that have an LTV of more than 80% are often not in a position to qualify for traditional refinancing options, the HARP program was needed to permit as many people as possible to start spending less on their payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally undergone some changes permitting more flexibility for acceptance. At present, the HARP program offered is referred to as HARP 2.0 and provides more flexible qualification standards. Here is a review of the historical past and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program can give significant relief for Golf, FL home owners that could not refinance in the past caused by decreasing house values. The new 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 important modification. This indicates no more limitations on how much money a home owner currently owes on their home vs. how much money their property is currently worth. Florida home-owners upside-down or under water on their mortgage will now get some relief. The best part is, there are a lot less restricted credit guidelines installed. Most of the so called government refinance loan programs in the last several years have fallen short of honestly supporting homeowners to refinance their mortgage loan to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the relief many Golf home-owners have deparately needed for such a long time. Whatever who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance 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 speculation. The important points of the program are based upon what is increasingly being outlined but it is not known what the finalized program offers or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $250 a month on monthly mortgage payments, which could total $35-70 billion in savings each and every year.
HARP 3.0 MYREFI (Recommended Potential Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a minute with zero personal data ever required. You can also call 800-871-2636 7 days a week.
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