The Home Affordable Refinance Program (HARP) loan enables countless home owners in Palm Beach County to re-finance their underwater homes where it was previously impossible. If you are among the numerous who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently assist with the mortgage. 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 Requirements, and Information
The Making Home Affordable Program, first created and started in 2009, helps many home owners who had been previously helpless to get refinancing for their home loan. Attributed to existing declines in the economy and property value decline, home owners were trapped paying more than they could afford on homes. Among the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, approved homeowners of South Bay with HARP Refinancing could get a smaller payment on their mortgage and help save a lot of money in the long run.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio of over 80% on the mortgage. Because mortgage loans with an LTV more than 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was needed to enable as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has additionally gone through a number of variations to enable added flexibility for acceptance. At present, the HARP program made available is labeled HARP 2.0 and provides more flexible qualification specifications. Below is a breakdown of the historical past and progression of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program gives sizeable relief for South Bay, FL home owners that could not refinance in the past stemming from shrinking house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most vital adjustment. This means no more limits on how much a homeowner currently owes on their home vs. how much their house is currently worth! Florida homeowners upside-down or under water in their mortgage loan will get some help. Also, there are also less restrictive credit guidelines installed. Many of the so called government home refinance programs in the past have fallen short of truly supporting home-owners to refinance their mortgage loan to a lower interest rate. The modern variation of the HARP mortgage program (2.0) offers the relief many South Bay, FL home-owners have needed for way too long. Regardless of who your existing loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help providing your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The specifics of the program are derived from what is increasingly being spoken about but it is not known what the eventual program can provide or if it will even pass through Government red tape. 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 monthly payments, that could add up to $35-70 billion in financial benefits each and every year.
HARP 3 MYREFI (Recommended Potential Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes one minute with zero personal details ever 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?