The Home Affordable Refinance Program (HARP) loan will permit countless home owners in Broward County to re-finance their under water homes when it was previously not possible. If you are among the numerous who qualify for the new HARP refinance program, FiveStarsMortgage.com can assist you to efficiently help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Features
The Making Home Affordable Program, first created and initiated in late 2009, helps numerous homeowners who had been previously helpless to get refinancing for their mortgage loan. A result of overall declines in the economy and property value decline, homeowners were stuck spending money on more than they can afford on homes. One of the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing program, approved homeowners of Coconut Creek with HARP Refinancing may get a more affordable payment for their mortgage and save thousands of dollars over the years.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because home loans that have an LTV of more than 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was necessary to permit as many people as possible to start spending less on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally gone through a number of alterations to allow for more flexibility for acceptance. Currently, the HARP program being offered is referred to as HARP 2.0 and provides more flexible qualification requirements. Here is a breakdown of the historical past and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process provides considerable assistance for Coconut Creek home owners that were not able to refinance in the past attributable to falling house values. The newest 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 significant modification. It indicates no more limitations on how much money a home owner currently owes on their mortgage vs. how much their property is currently worth. Coconut Creek home-owners upside-down or under water with their mortgage loan can get some relief. Moreover, there are also a lot less restricted credit guidelines in place. Most of the so called government refinance loan programs in the last several years have fallen short of honestly supporting homeowners to refinance their mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) offers the help many Coconut Creek, FL home-owners have needed for way too long. Whatever who your existing loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance as 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 discussed is simply hypothesis. The important points of the program are derived from what is increasingly being discussed but it is unknown what the eventual program may offer 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 $250 a month on their monthly payments, that could add to $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Projected Possible Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application form only takes a minute without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?