The Home Affordable Refinance Program (HARP) loan permits a large number of homeowners in Palm Beach County to refinance their underwater homes where it was previously unachievable. If you are one of many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently help you with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Features
The Making Home Affordable Program, first created and initiated in late 2009, allows many homeowners who had been previously struggling to get refinancing for their mortgage. Mainly because of all around decreases throughout the market and property value decline, home owners were having difficulty having to pay more than they can afford on their homes. Amongst the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, eligible residents of Jupiter Inlet Colony with HARP Refinancing could get a more affordable payment for their mortgage loan 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 that have a loan-to-value (LTV) ratio of greater than 80% on their home loan. Because mortgages with an LTV more than 80% are often not in a position to qualify for common loan refinancing options, the HARP program was essential to enable as many people as possible to begin spending less on their mortgage payments. As credit seekers demands have changed since the program began, the HARP program has additionally undergone some improvements to allow for added flexibility for approval. Currently, the HARP program sold is identified as HARP 2.0 and offers more flexible qualification standards. Below is a summary of the background and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process can give sizeable assistance for Jupiter Inlet Colony home owners that could not refinance in the past as a consequence of falling home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most critical change. This indicates no more limits on how much money a homeowner currently owes on their home vs. how much money their property is currently worth! Jupiter Inlet Colony, FL home-owners upside down or under water on their mortgage will have some help. In addition to this, there are less restrictive credit regulations set up. Most of the other government refinance loan programs in the last several years have fallen short of truly assisting home owners to refinance their home mortgage to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Jupiter Inlet Colony homeowners have deparately needed for so long. No matter what who your loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance so long as your 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 hypothesis. The main points of the program are based upon 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 families an average of $250 a month on payments, that can add to $35-70 billion in cost savings each and every year.
HARP 3.0 My Refi (Suggested Potential 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 fast application form only takes a minute without any 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 traditional mortgage loan?