The Home Affordable Refinance Program (HARP) loan makes it possible for a great number of homeowners in Palm Beach County to re-finance their under water homes when it was previously impossible. If you are one of many who qualify for the new HARP refinancing program, FiveStarsMortgage.com can assist you to quickly help out in your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Requirements, and Features
The Making Home Affordable Program, first created and initiated in late 2009, allows a great number of homeowners who were previously helpless to get refinancing for their mortgage. Due to the overall declines in the economy and property values, homeowners were trapped spending money on more than they could afford on homes. One of the main benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, eligible homeowners of Manalapan with HARP Refinancing could get a lesser payment for their home loan and help save a lot of money in the long run.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgage loans with an LTV of more than 80% are often unable to qualify for traditional refinancing options, the HARP program was needed to enable as many people as possible to start saving money on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through a number of adjustments permitting a lot more flexibility for approval. At present, the HARP program offered is known as HARP 2.0 and provides more flexible qualification requirements. Below is a breakdown of the background and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program provides essential assistance for Manalapan home owners that were not able to refinance their home in the past as a result of falling 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 essential adjustment. What this means is no more limits on how much a home owner currently owes on their mortgage loan verses how much money their house is currently worth! Manalapan home-owners upside down or under water on their home loan can get some relief. Moreover, there are also less restricted credit guidelines installed. Most of the so called government relief refinance loan programs in the past have fallen short of actually assisting home owners to refinance their mortgage to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the help many Manalapan home owners have deparately needed for so long. Irrespective of who your loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can assist as long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program are based on what is increasingly being discussed but it is not known what the finalized program may offer or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save home owners an average of $350 per month on mortgage payments, that can add up to $35-70 billion in savings each year.
HARP 3.0 MYREFI (Planned Possible Future Program)
HARP refinance home loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a minute and no personal info 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?