The Home Affordable Refinance Program (HARP) loan would allow a great number of home-owners in Palm Beach County to refinance their underwater homes where it was previously not possible. If you are among the numerous who are qualified for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly be of assistance to you with the loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Criteria, and Information
The Making Home Affordable Program, which was created and launched in 2009, allows a large number of home owners who had been previously helpless to refinance their mortgage loan. Mainly because of overall declines throughout the market and home value decline, home owners were stuck spending money on more than they can afford on homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, eligible homeowners of Lake Park, FL with HARP Refinancing could possibly get a decreased payment on their home loan and save yourself a lot of money over the long haul.
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 greater than 80% on their mortgage. Because mortgage loans that have an LTV more than 80% are often not able to qualify for typical mortgage refinancing options, the HARP program was needed to allow as many people as possible to start spending less on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has additionally been through a number of modifications permitting more flexibility for acceptance. At this time, the HARP program made available is labeled HARP 2.0 and provides more flexible qualification prerequisites. This is the summary of the history and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program offers sizeable assistance for Lake Park, FL home owners that were not able to refinance their home in the past attributable to shrinking home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most significant adjustment. This simply means no more limits on how much a homeowner owes on their home verses how much their property is currently worth. Florida homeowners upside down or under water with their mortgage will get some relief. Also, there are a lot less restricted credit guidelines implemented. Most of the so called government relief loan refinancing programs in the past have fallen short of honestly supporting homeowners to refinance their mortgage to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) offers the relief many Lake Park home-owners have deparately needed for such a long time. It does not matter who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist providing your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The details of the program are based on what is currently being discussed but it is not known what the finalized program will offer you or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $400 per month on their payments, which could add up to $35-70 billion in cost savings each year.
HARP 3.0 My Refi (Recommended Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes one minute without any personal details required. You can also call 800-871-2636 7 days a week.
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