The Home Affordable Refinance Program (HARP) loan lets a great number of homeowners in Palm Beach County to refinance their underwater homes where it was previously unachievable. If you are among the numerous who qualify for the latest HARP refinancing program, FiveStarsMortgage.com can help you to quickly help you in 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 Background, Eligibility Requirements, and Changes
The Making Home Affordable Program, first created and launched in 2009, allows for numerous home owners who were previously struggling to get refinancing for their mortgage. As a result of existing decreases throughout the market and home value decline, homeowners were having trouble having to pay more than they could afford on homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, eligible residents of Wellington, FL with HARP Refinancing can usually get a lesser payment on their home loan and save thousands of dollars over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home loans that have an LTV of over 80% are often unable to qualify for traditional loan refinancing options, the HARP program was essential to let as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally undergone a number of improvements permitting increased flexibility for acceptance. Presently, the HARP program made available is often called HARP 2.0 and offers more flexible qualification conditions. Below is a breakdown of the background and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process provides sizeable relief for Wellington, FL home owners that were not able to refinance their home in the past on account of shrinking 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 critical alteration. Meaning no more limits on how much money a homeowner currently owes on their home loan vs. how much money their home is currently worth. Florida homeowners upside-down or under water in their mortgage can get some relief. On top of that, there are a lot less restrictive credit guidelines in place. Many of the so called government relief refinance programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage to a lower rate of interest. The current rendition of the HARP mortgage program (2.0) provides the relief many Wellington home-owners have needed for way too long. Whatever who your current loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist so long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The specifics of the program derive from what is currently being spoken about but it is unknown what the ultimate program can provide or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $400 a month on their monthly mortgage payments, that may add to $35-70 billion in reductions each year.
HARP 3.0 My Refi (Planned Potential Program)
HARP refinance home loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a moment without any personal info ever required. You can also call 800-871-2636 7 days a week.
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