The Home Affordable Refinance Program (HARP) loan makes it possible for many home owners in Palm Beach County to re-finance their underwater homes when it was previously unattainable. If you are among the many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly be of assistance to you with your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Guidelines, and Updates
The Making Home Affordable Program, first created and launched in 2009, enables many home owners who were previously helpless to refinance their mortgage loan. Due to the general declines throughout the market and home value decline, home owners were trapped spending more than they could afford on their homes. Amongst the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing process, approved residents of Pahokee with HARP Refinancing could possibly get a lower payment for their home and save a lot of money over time.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage. Because home loans with an LTV of more than 80% are often unable to qualify for common refinancing options, the HARP program was important to enable as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally undergone some improvements to enable far more flexibility for acceptance. Currently, the HARP program provided is often called HARP 2.0 and provides more flexible qualification conditions. Below is a breakdown of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program offers considerable relief for Pahokee home owners that were not able to refinance their home in the past because of shrinking 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 loan to value, which is the most critical alteration. Meaning no more restrictions on how much money a home owner owes on their home loan vs. how much money their house is currently worth! Florida homeowners upside-down or underwater on their mortgage loan can have some relief. In addition to this, there are a lot less restricted credit guidelines set up. Many of the so called government relief refinance loan programs in the last several years have fallen short of truly supporting homeowners to refinance their home mortgage to a lower rate of interest. The present variation of the HARP mortgage program (2.0) provides the help many Pahokee, FL homeowners have deparately needed for so long. No matter what who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you providing your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 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 currently being spoken about but it is not known what the finished program will offer you or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $250 per month on their mortgage payments, that would add up to $35-70 billion in financial benefits annually.
HARP 3 My Refi (Recommended Potential Future Program)
HARP refinance 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 only takes one minute with zero personal data required. You can also call 800-871-2636 7 days a week.
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