The Home Affordable Refinance Program (HARP) loan allows for a large number of homeowners in Palm Beach County to refinance their under water homes where it was previously unattainable. If you are among the numerous who qualify for the newest HARP refinance program, FiveStarsMortgage.com will help you to efficiently assist 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 Background, Plan Guidelines, and Enhancements
The Making Home Affordable Program, first created and initiated in 2009, enables many home owners who had been previously struggling to refinance their mortgage. Attributable to complete declines in the economy and property values, homeowners were trapped having to pay more than they can afford on their homes. Amongst the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing process, approved home owners of Tequesta, FL with HARP Refinancing could possibly get a lower payment on their mortgage and help you save a lot of money over the long haul.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio in excess of 80% on their home loan. Because mortgage loans with an LTV of over 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was needed to let as many people as possible to begin saving money on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally gone through some improvements to allow more flexibility for acceptance. Right now, the HARP program provided is often called HARP 2.0 and provides more flexible qualification guidelines. Here is a breakdown of the background and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program gives major assistance for Tequesta, FL home owners that did not refinance their home in the past on account 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 LTV, which is the most significant change. It indicates no more limitations on how much a homeowner currently owes on their mortgage loan verses how much money their home is currently worth. Florida homeowners upside down or underwater with their mortgage loan will have some help. Also, there are a lot less restricted credit regulations in place. Many of the so called government backed home refinance programs in the past have fallen short of honestly aiding home owners to refinance their home mortgage to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the relief many Tequesta, FL home owners have deparately needed for so long. Regardless of who your loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can provide assistance 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 discussed is simply speculation. The details of the program derive from what is currently being spoken about but it is unknown what the eventual program will provide or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 20 million borrowers and save homeowners an average of $250 a month on their mortgage payments, that would total $35-70 billion in financial benefits annually.
HARP 3 MYREFI (Planned Potential Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a few minutes and no personal details required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not currently have a conventional mortgage loan?