The Home Affordable Refinance Program (HARP) loan helps a large number of home-owners in Miami-Dade County to re-finance their under water homes when it was previously not possible. If you are among the many who qualify for the new HARP refinancing program, FiveStarsMortgage.com will help you to swiftly be of assistance to 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 Requirements, and Information
The Making Home Affordable Program, first created and started in 2009, lets numerous homeowners who were previously unable to refinance their mortgage loan. Resulting from overall declines in the economy and home value decline, homeowners were trapped spending more than they could afford on homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, approved home owners of Aventura, FL with HARP Refinancing could get a reduced payment for their home loan and save yourself thousands of dollars over the long haul.
The HARP approach is for property owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgages with an LTV more than 80% are often not able to qualify for conventional refinancing options, the HARP program was essential to permit as many people as possible to begin saving money on their payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been through a number of changes to permit increased flexibility for approval. Currently, the HARP program provided is identified as HARP 2.0 and provides more flexible qualification requirements. This is the breakdown of the history and development of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process is providing essential relief for Aventura home owners that could not refinance in the past as a result of diminishing 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 significant modification. This means no more limitations on how much money a home owner currently owes on their mortgage verses how much their home is currently worth. Florida home owners upside-down or under water on their mortgage will now have some help. On top of that, there are also less restricted credit guidelines implemented. Most of the so called government backed loan refinancing programs in the last several years have fallen short of honestly helping home-owners to refinance their home loan to a lower rate of interest. The latest variation of the HARP mortgage program (2.0) offers the help many Aventura, FL home-owners have needed for so long. Regardless of who your actual loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance provided that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are derived from what is increasingly being discussed but it is not known what the eventual program will offer you or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save home owners an average of $200 a month on monthly mortgage payments, that may add up to $35-70 billion in cost savings annually.
HARP 3.0 MYREFI (Proposed Future Program)
HARP refinance loan application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes a moment with no personal data required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not currently have a conventional mortgage?