The Home Affordable Refinance Program (HARP) loan allows for countless home-owners in Palm Beach County to re-finance their under water homes where it was previously unachievable. If you are among the many who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com will help 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, Plan Guidelines, and Information
The Making Home Affordable Program, which was created and initiated in late 2009, allows many home owners who had been previously struggling to get refinancing for their mortgage loan. Caused by existing decreases throughout the market and home values, home owners were bogged down having to pay more than they can afford on homes. Among the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing program, approved homeowners of Palm Beach, FL with HARP Refinancing can get a reduced payment for their home and save yourself a lot of money in the long run.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans which have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because home mortgages with an LTV of more than 80% are often not able to qualify for conventional mortgage refinancing options, the HARP program was essential to permit as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also been through quite a few modifications to permit a lot more flexibility for approval. Presently, the HARP program offered is called HARP 2.0 and offers more flexible qualification standards. This is a review of the background and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program can give sizeable assistance for Palm Beach, FL home owners that were not able to refinance their home in the past on account of decreasing 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 LTV, which is the most critical adjustment. Meaning no more limitations on how much a home owner currently owes on their mortgage loan vs. how much money their home is currently worth! Palm Beach home-owners upside-down or under water in their mortgage will now have some assistance. Also, there are also a reduced amount of restrictive credit regulations set up. Many of the other government loan refinancing programs in the last several years have fallen short of actually assisting home-owners to refinance their mortgage to a lower interest rate. The modern rendition of the HARP mortgage program (2.0) provides the relief many Palm Beach homeowners have needed for too long. Regardless of who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to assist on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply speculation. The main points of the program are based on what is increasingly being spoken about but it is not known what the eventual 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 $200 a month on the monthly mortgage payments, that can total $35-70 billion in cost savings every year.
HARP 3.0 MYREFI (Recommended Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes one 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 currently have a conventional mortgage?