The Home Affordable Refinance Program (HARP) loan lets many homeowners in Palm Beach County to refinance their under water homes when it was previously not possible. If you are among the many who qualify for the newest HARP refinance program, FiveStarsMortgage.com can assist you to easily be of assistance to you 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 Qualifications, Plan Criteria, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, allows a great number of home owners who had been previously struggling to get refinancing for their mortgage loan. By reason of all around decreases throughout the market and home value decline, home owners were having trouble having to pay more than they could afford on their homes. Among the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, qualified homeowners of Highland Beach with HARP Refinancing can usually get a smaller payment on their home and help save thousands of dollars in the long run.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans having 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 unable to qualify for standard refinancing options, the HARP program was necessary to allow for as many people as possible to start spending less on their payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been subject to quite a few alterations permitting added flexibility for approval. Right now, the HARP program sold is called HARP 2.0 and offers more flexible qualification standards. Here is a breakdown of the background and development of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program provides significant relief for Highland Beach, FL home owners that were not able to refinance in the past due to shrinking house 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 prominent alteration. It indicates no more limits on how much a home owner owes on their mortgage loan vs. how much their house is currently worth! Highland Beach home-owners upside down or under water on their home loan will get some help. The best part is, there are a reduced amount of restricted credit regulations implemented. Most of the so called government relief home refinance programs in the past have fallen short of honestly assisting home-owners to refinance their home loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) provides the relief many Highland Beach homeowners have deparately needed for such a long time. Regardless of who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance on condition that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The main points of the program are based upon what is currently being outlined but it is unknown what the ultimate program may offer or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $250 per month on the monthly mortgage payments, that would add to $35-70 billion in cost savings each year.
HARP 3 MYREFI (Projected Potential Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick 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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