The Home Affordable Refinance Program (HARP) loan permits many home owners in Palm Beach County to refinance their underwater homes when it was previously impossible. If you are one of the several who are qualified for the new HARP refinance program, FiveStarsMortgage.com can help you to easily assist with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Guidelines, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, allows many home owners who had been previously unable to get refinancing for their mortgage loan. Due to the total decreases in the economy and home value decline, home owners were having trouble spending money on more than they could afford on their homes. One of the largest benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, qualified residents of Jupiter, FL with HARP Refinancing may get a lower payment for their mortgage and help save a lot of money over the long haul.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because home loans that have an LTV of over 80% are often not in a position to qualify for conventional refinancing options, the HARP program was essential to let as many people as possible to begin spending less on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally gone through some alterations permitting far more flexibility for approval. Right now, the HARP program offered is called HARP 2.0 and provides more flexible qualification guidelines. Here is a review of the background and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program gives substantial relief for Jupiter, FL home owners that could not refinance their home in the past stemming from declining home values. The new 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 vital modification. Therefore no more limitations on how much a homeowner owes on their mortgage verses how much money their property is currently worth! Jupiter home owners upside down or under water with their home loan will get some relief. On top of that, there are a reduced amount of restrictive credit guidelines installed. Most of the other government refinance loan programs in the past have fallen short of actually aiding home owners to refinance their mortgage to a lower interest rate. The present version of the HARP mortgage program (2.0) offers the relief many Jupiter, FL property owners have needed for such a long time. It does not matter who your loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to provide assistance as long as your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The facts of the program are derived from what is currently being outlined but it is unknown what the finished program will offer or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $350 a month on their monthly payments, which might total $35-70 billion in cost savings yearly.
HARP 3 My Refi (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 quick application form only takes a minute with zero personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?