The Home Affordable Refinance Program (HARP) loan makes it possible for many home-owners in Palm Beach County to re-finance their under water homes when it was previously not possible. If you are among the many who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com will help you to easily assist with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, which was created and launched in late 2009, allows a great number of homeowners who were previously unable to get refinancing for their mortgage. By way of all round declines throughout the market and home values, home owners were stuck paying more than they can afford on their homes. Amongst the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, qualified residents of Royal Palm Beach with HARP Refinancing may get a smaller payment on their mortgage loan and save a lot of money in the long term.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because home loans that have an LTV of over 80% are often not able to qualify for traditional loan refinancing options, the HARP program was important to allow for as many people as possible to start spending less on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also gone through a number of modifications to enable additional flexibility for acceptance. Right now, the HARP program provided is called HARP 2.0 and provides more flexible qualification standards. Here is a breakdown of the history and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process provides major assistance for Royal Palm Beach home owners that were not able to refinance in the past caused by reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most critical change. What this means is no more restrictions on how much money a homeowner owes on their home loan verses how much money their house is currently worth. Florida home owners upside down or under water with their mortgage loan can get some help. Moreover, there are also fewer restricted credit guidelines implemented. Most of the other government relief refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the relief many Royal Palm Beach home-owners have needed for such a long time. Despite who your actual loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help you on condition that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program derive from what is increasingly being spoken about but it is unknown what the ultimate program can provide or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $400 a month on the payments, that would add up to $35-70 billion in cost savings each year.
HARP 3.0 My Refi (Projected Potential Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a moment with no personal information ever required. You can also call 800-871-2636 7 days a week.
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