The Home Affordable Refinance Program (HARP) loan lets a great number of home owners in Miami-Dade County to re-finance their underwater homes where it was previously out of the question. If you are one of the numerous who qualify for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to quickly help you with 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 History, Eligibility Guidelines, and Updates
The Making Home Affordable Program, which was created and started in 2009, helps many homeowners who were previously struggling to refinance their mortgage. As a result of all round decreases in the economy and home values, home owners were stuck paying more than they could afford on homes. Amongst the largest benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing process, qualified homeowners of Coral Gables with HARP Refinancing could get a smaller payment on their mortgage loan and save yourself thousands of dollars over the long haul.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio in excess of 80% on the mortgage loan. Because mortgages with an LTV of more than 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was important to enable as many people as possible to begin spending less on their payments. As credit seekers expectations have changed since the program began, the HARP program has also been subject to a number of variations to permit additional flexibility for acceptance. Currently, the HARP program being offered is named HARP 2.0 and offers more flexible qualification specifications. This is the breakdown of the history and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program gives critical relief for Coral Gables home owners that did not refinance their home in the past as a consequence of falling 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 critical adjustment. What this means is no more limitations on how much money a homeowner owes on their mortgage verses how much money their home is currently worth. Coral Gables, FL homeowners upside-down or under water on their mortgage will have some help. On top of that, there are fewer restrictive credit guidelines set up. Most of the other government backed loan refinancing programs in the past have fallen short of actually assisting homeowners to refinance their home mortgage to a lower interest rate. The latest edition of the HARP mortgage program (2.0) offers the help many Coral Gables, FL property owners have needed for so long. Irrespective of who your existing loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist as long as your mortgage loan is at present 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 based upon what is currently being spoken about but it is not known what the finished program can provide or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $300 a month on their monthly payments, which might total $35-70 billion in savings each and every year.
HARP 3 MYREFI (Planned Potential Program)
HARP refinance home 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 only takes a moment with no personal info required. You can also call 800-871-2636 7 days a week.
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