The Home Affordable Refinance Program (HARP) loan helps a great number of home owners in Palm Beach County to refinance their underwater homes when it was previously unachievable. If you are one of the numerous who are qualified for the new HARP refinance program, FiveStarsMortgage.com will help you to quickly assist in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Prerequisites, and Features
The Making Home Affordable Program, which was created and launched in 2009, helps many homeowners who had been previously helpless to refinance their mortgage. By way of overall declines throughout the market and home values, home owners were trapped spending money on more than they can afford on homes. One of the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new refinancing process, approved residents of Mangonia Park, FL with HARP Refinancing could get a lesser payment for their mortgage and save a lot of money over the long haul.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home mortgages with an LTV more than 80% are often not in a position to qualify for common mortgage 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 demands have changed since the program was implemented, the HARP program has also been subject to a number of improvements to allow for a lot more flexibility for approval. Right now, the HARP program offered is known as HARP 2.0 and offers more flexible qualification prerequisites. Here is a review of the history and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process is providing major assistance for Mangonia Park home owners that were not able to refinance their home in the past resulting from decreasing home values. The latest 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 important adjustment. Meaning no more limits on how much money a home owner currently owes on their home vs. how much money their house is currently worth! Florida home-owners upside down or under water with their mortgage will now get some help. Also, there are also fewer restricted credit guidelines set up. Many of the other government relief refinance programs in the last several years have fallen short of honestly aiding home owners to refinance their home loan to a lower rate of interest. The latest variation of the HARP mortgage program (2.0) offers the relief many Mangonia Park homeowners have deparately 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 provided that your home 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 on what is increasingly being reviewed but it is unknown what the finalized program will give you or if it will even pass through Government red tape. The government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $350 a month on their monthly mortgage payments, which might add to $35-70 billion in financial benefits annually.
HARP 3 My Refi (Proposed Possible Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes one minute with no personal details ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a traditional mortgage loan?