The Home Affordable Refinance Program (HARP) loan will permit a great number of home-owners in Palm Beach County to refinance their under water homes when it was previously impossible. If you are one of the numerous who are qualified for the latest HARP refinance program, FiveStarsMortgage.com can help you to efficiently help you with the 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, Eligibility Requirements, and Features
The Making Home Affordable Program, which was created and initiated in 2009, enables a great number of homeowners who were previously unable to refinance their mortgage. Resulting from all round decreases in the economy and home value decline, homeowners were trapped spending money on more than they could afford on homes. Among the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, eligible homeowners of Riviera Beach, FL with HARP Refinancing could possibly get a lower payment for their mortgage and help save a lot of money in the long run.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home mortgages that have an LTV of over 80% are often not able to qualify for traditional loan refinancing options, the HARP program was important to let as many people as possible to begin saving money on their payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally gone through some improvements to allow more flexibility for acceptance. At present, the HARP program offered is called HARP 2.0 and gives more flexible qualification prerequisites. Below is a review of the historical past and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers major assistance for Riviera Beach, FL home owners that did not refinance their home in the past caused by diminishing home 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 essential adjustment. This indicates no more restrictions on how much money a homeowner currently owes on their mortgage loan verses how much money their house is currently worth! Riviera Beach homeowners upside-down or underwater with their mortgage will now have some help. The best part is, there are also a lot less restricted credit guidelines installed. Many of the so called government relief home refinance programs in the past have fallen short of truly supporting home owners to refinance their home loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) provides the relief many Riviera Beach, FL property owners have needed for such a long time. Regardless of who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to assist provided that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The specifics of the program are derived from what is increasingly being discussed but it is unknown what the final program will offer or if it will even pass through Government red tape. The government has assumed that it would most likely help over 20 million borrowers and save homeowners an average of $250 a month on their payments, that would total $35-70 billion in savings every year.
HARP 3.0 My Refi (Suggested Potential Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a moment without any personal data ever required. You can also call 800-871-2636 7 days a week.
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