The Home Affordable Refinance Program (HARP) loan enables a great number of home owners in Palm Beach County to re-finance their underwater homes where it was previously impossible. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to swiftly help you in 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 Historical Background, Plan Guidelines, and Features
The Making Home Affordable Program, first created and launched in late 2009, lets a large number of homeowners who had been previously struggling to refinance their mortgage. Because of the all round decreases in the economy and property value decline, home owners were bogged down spending more than they can afford on homes. Amongst the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, qualified home owners of Palm Springs with HARP Refinancing could get a lesser payment for their home and save yourself thousands of dollars in the long run.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because home loans that have an LTV of over 80% are often not in a position to qualify for common loan refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been subject to a number of modifications to allow significantly more flexibility for acceptance. At present, the HARP program sold is known as HARP 2.0 and provides more flexible qualification requirements. Below is a summary of the historical past and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program offers significant relief for Palm Springs, FL home owners that could not refinance their home in the past as a result of dropping house values. The newest 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 critical change. Meaning no more limits on how much a homeowner currently owes on their mortgage vs. how much their house is currently worth! Palm Springs home-owners upside-down or under water with their mortgage will get some relief. In addition, there are also fewer restrictive credit regulations in place. Most of the so called government relief home refinance programs in the last several years have fallen short of honestly supporting home-owners to refinance their mortgage loan to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) offers the relief many Palm Springs, FL home owners have deparately needed for so long. It does not matter who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can provide assistance as 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 discussed is simply hypothesis. The details of the program are based upon what is increasingly being discussed but it is unknown what the eventual program will give you or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save home owners an average of $300 a month on the monthly payments, which might total $35-70 billion in reductions every year.
HARP 3.0 My Refi (Proposed Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a moment without any personal data required. You can also call 800-871-2636 7 days a week.
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