The Home Affordable Refinance Program (HARP) loan permits countless homeowners in Palm Beach County to re-finance their under water homes where it was previously not possible. If you are among the many who qualify for the new HARP refinance program, FiveStarsMortgage.com will help you to easily be of assistance to you in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Prerequisites, and Changes
The Making Home Affordable Program, which was created and initiated in late 2009, helps many home owners who had been previously helpless to get refinancing for their mortgage loan. By reason of existing decreases throughout the market and property values, home owners were stuck spending money on more than they could afford on homes. Among the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new refinancing approach, qualified homeowners of Palm Beach Gardens with HARP Refinancing could get a lower payment for their home and help you save thousands of dollars over time.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because home mortgages with an LTV more than 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was necessary to permit as many people as possible to start spending less on their mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also gone through a number of variations permitting significantly more flexibility for approval. Currently, the HARP program made available is often called HARP 2.0 and gives more flexible qualification standards. This is the summary of the history and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program gives significant relief for Palm Beach Gardens home owners that could not refinance in the past attributable to declining home values. The new 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 change. This simply means no more restrictions on how much a homeowner owes on their mortgage verses how much money their house is currently worth. Palm Beach Gardens, FL home-owners upside-down or underwater in their mortgage loan will have some relief. Moreover, there are also fewer restrictive credit regulations in place. Many of the other government refinance loan programs in the past have fallen short of honestly supporting homeowners to refinance their mortgage loan to a lower rate of interest. The latest variation of the HARP mortgage program (2.0) offers the relief many Palm Beach Gardens home owners have needed for way too long. Irrespective of who your current loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you providing your mortgage is currently 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 are derived from what is increasingly being outlined but it is unknown what the ultimate program offers or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $350 a month on the monthly mortgage payments, which could total $35-70 billion in cost savings each and every year.
HARP 3 MYREFI (Suggested Potential Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes a moment with no personal data ever required. You can also call 800-871-2636 7 days a week.
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