The Home Affordable Refinance Program (HARP) loan makes it possible for countless homeowners in Palm Beach County to refinance their under water homes when it was previously not possible. If you are one of the several who qualify for the newest HARP refinancing program, FiveStarsMortgage.com can help you to easily help out with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Requirements, and Enhancements
The Making Home Affordable Program, first created and initiated in late 2009, lets numerous home owners who had been previously unable to refinance their mortgage loan. A result of existing decreases in the economy and property value decline, home owners were having difficulty spending money on more than they can afford on their homes. Among the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing approach, approved residents of Lake Clarke Shores with HARP Refinancing may get a cheaper payment on their home and help you save thousands of dollars over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home loans having a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgage loans with an LTV in excess of 80% are often not in a position to qualify for traditional refinancing options, the HARP program was necessary to allow for as many people as possible to start saving money on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also been subject to quite a few variations to permit added flexibility for approval. At this time, the HARP program offered is identified as HARP 2.0 and offers more flexible qualification standards. This is the summary of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program gives significant assistance for Lake Clarke Shores home owners that did not refinance their home in the past attributable to dropping house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most essential alteration. What this means is no more restrictions on how much a homeowner currently owes on their home vs. how much their home is currently worth! Lake Clarke Shores, FL homeowners upside-down or under water on their mortgage loan will get some relief. The best part is, there are fewer restricted credit regulations set up. Many of the so called government refinance programs in the last several years have fallen short of truly supporting home-owners to refinance their mortgage to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) offers the help many Lake Clarke Shores, FL property owners have needed for too long. It does not matter who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help provided 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 hypothesis. The main points of the program are derived from what is increasingly being discussed but it is unknown what the finalized program will provide 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 payments, that can add to $35-70 billion in cost savings each and every year.
HARP 3.0 My Refi (Planned 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 mortgage eligibility. The fast application only takes a few minutes with zero personal info required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a conventional mortgage loan?