The Home Affordable Refinance Program (HARP) loan would allow countless home owners in Palm Beach County to re-finance their underwater homes when it was previously impossible. If you are one of many who qualify for the latest HARP refinancing program, FiveStarsMortgage.com will help you to efficiently help out in your mortgage. 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 Enhancements
The Making Home Affordable Program, first created and launched in 2009, lets many homeowners who had been previously helpless to refinance their mortgage. A result of existing declines throughout the market and property values, home owners were having trouble having to pay more than they can afford on homes. One of the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, approved residents of North Palm Beach, FL with HARP Refinancing may get a lesser payment for their home and save a lot of money over time.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio greater than 80% on their mortgage loan. Because mortgages that have an LTV in excess of 80% are often not in a position to qualify for conventional mortgage refinancing options, the HARP program was needed to enable as many people as possible to start spending less on their payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally gone through quite a few adjustments to allow for added flexibility for acceptance. At present, the HARP program available is named HARP 2.0 and gives more flexible qualification requirements. Here is a review of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives sizeable relief for North Palm Beach home owners that were not able to refinance their home in the past because of falling house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most important alteration. Therefore no more limits on how much money a homeowner owes on their mortgage vs. how much their property is currently worth. Florida home owners upside down or under water on their home loan can have some assistance. In addition to this, there are fewer restricted credit guidelines implemented. Many of the so called government loan refinancing programs in the past have fallen short of honestly aiding homeowners to refinance their mortgage to a lower rate of interest. The modern version of the HARP mortgage program (2.0) provides the relief many North Palm Beach homeowners have deparately needed for so long. No matter what who your loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help provided that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The facts of the program derive from what is currently being discussed but it is unknown what the final program may offer or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $400 a month on monthly payments, that may total $35-70 billion in savings each year.
HARP 3 MYREFI (Proposed Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a moment with zero personal information 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?