The Home Affordable Refinance Program (HARP) loan permits many home owners in Broward County to re-finance their under water homes when it was previously not possible. If you are one of the numerous who qualify for the newest HARP refinancing program, FiveStarsMortgage.com can assist you to efficiently help out with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Information
The Making Home Affordable Program, first created and initiated in late 2009, allows many homeowners who were previously unable to get refinancing for their mortgage loan. Attributable to complete declines throughout the market and home value decline, homeowners were bogged down spending money on more than they could afford on homes. Amongst the largest benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new refinancing process, approved homeowners of Coral Springs, FL with HARP Refinancing can get a smaller payment on their home loan and save yourself lots of money over the long haul.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of over 80% on their home loan. Because home mortgages with an LTV more than 80% are often unable to qualify for common loan refinancing options, the HARP program was important to let as many people as possible to start spending less on their mortgage payments. As borrowers demands have changed since the program began, the HARP program has additionally undergone quite a few modifications permitting significantly more flexibility for acceptance. Currently, the HARP program available is labeled HARP 2.0 and gives more flexible qualification standards. Here is a review of the background and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process offers substantial assistance for Coral Springs home owners that were not able to refinance their home in the past due to falling home 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 important alteration. Meaning no more limits on how much money a home owner currently owes on their mortgage verses how much their house is currently worth. Florida home owners upside down or under water in their mortgage loan will now get some help. In addition to this, there are less restricted credit regulations in place. Most of the so called government backed refinance programs in the last several years have fallen short of actually helping home-owners to refinance their home loan to a lower rate of interest. The present variation of the HARP mortgage program (2.0) provides the relief many Coral Springs homeowners have needed for such a long time. Regardless of who your actual loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to help provided that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply hypothesis. The facts of the program derive from what is currently being discussed but it is unknown what the final program can provide or if it will even have the chance of passing. The federal government has assumed that it would likely help over 30 million borrowers and save home owners an average of $250 per month on monthly mortgage payments, that would add up to $35-70 billion in savings annually.
HARP 3 MYREFI (Suggested Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a moment with zero personal data required. You can also call 800-871-2636 7 days a week.
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