The Home Affordable Refinance Program (HARP) loan lets countless homeowners in Palm Beach County to refinance their under water homes when it was previously unachievable. If you are one of many who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to easily help out with your loan. 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 Changes
The Making Home Affordable Program, first created and started in late 2009, allows numerous home owners who had been previously helpless to get refinancing for their mortgage. Because of the all around declines in the economy and property value decline, home owners were having problems having to pay more than they can afford on their homes. One of the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, qualified homeowners of Juno Beach with HARP Refinancing may get a reduced payment on their mortgage and save yourself thousands of dollars over time.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio greater than 80% on the mortgage loan. Because mortgages that have an LTV in excess of 80% are often not in a position to qualify for traditional mortgage refinancing options, the HARP program was important to permit as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been subject to some modifications to permit far more flexibility for approval. Currently, the HARP program offered is identified as HARP 2.0 and gives more flexible qualification guidelines. Below is a summary of the history and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program provides essential assistance for Juno Beach home owners that could not refinance their home in the past on account of diminishing home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most important change. This suggests no more limitations on how much money a home owner currently owes on their home vs. how much money their property is currently worth! Juno Beach, FL home owners upside down or underwater on their home loan will now have some assistance. On top of that, there are fewer restricted credit regulations set up. Most of the other government refinance programs in the last several years have fallen short of truly aiding home owners to refinance their mortgage loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Juno Beach, FL homeowners have deparately needed for such a long time. Regardless of who your actual loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance so 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 discussed is simply hypothesis. The main points of the program are derived from what is increasingly being outlined but it is unknown what the eventual program will offer you or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save families an average of $250 per month on the payments, that may total $35-70 billion in financial benefits every year.
HARP 3 MYREFI (Suggested 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 one minute and no personal data required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a traditional mortgage loan?