The Home Affordable Refinance Program (HARP) loan will allow countless home-owners in Palm Beach County to re-finance their under water homes when it was previously out of the question. If you are one of the several who qualify for the latest HARP home refinance program, FiveStarsMortgage.com will help you to efficiently help out with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Criteria, and Updates
The Making Home Affordable Program, which was created and launched in 2009, allows for a large number of homeowners who had been previously unable to refinance their home loan. Through complete decreases throughout the market and home value decline, homeowners were having trouble spending money on more than they could afford on homes. One of the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, eligible home owners of Ocean Ridge with HARP Refinancing could possibly get a cheaper payment for their home and help save lots of money in the long term.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home loans who have a loan-to-value (LTV) ratio in excess of 80% on the home loan. Because home loans that have an LTV more than 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was needed to permit as many people as possible to begin spending less on their monthly payments. As borrowers demands have changed since the program began, the HARP program has also undergone quite a few modifications to allow for far more flexibility for acceptance. Right now, the HARP program offered is referred to as HARP 2.0 and gives more flexible qualification requirements. Here is a breakdown of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process gives substantial relief for Ocean Ridge home owners that could not refinance their home in the past because of dropping house values. The modern 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 important adjustment. Meaning no more limitations on how much a homeowner owes on their home verses how much their house is currently worth! Ocean Ridge home-owners upside down or under water with their home loan can get some help. Moreover, there are fewer restricted credit regulations in place. Many of the so called government relief refinance programs in the past have fallen short of honestly aiding homeowners to refinance their home loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the relief many Ocean Ridge, FL property owners have deparately needed for such a long time. Whatever who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The facts of the program derive from what is currently being discussed but it is not known what the eventual program offers or if it will even pass through Government red tape. The government has assumed that it would probably help over 30 million borrowers and save home owners an average of $350 per month on their monthly payments, that can add to $35-70 billion in savings annually.
HARP 3.0 My Refi (Recommended Possible Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes one minute with no personal details required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage?