The Home Affordable Refinance Program (HARP) loan permits a large number of home-owners in Broward County to re-finance their under water homes where it was previously unattainable. If you are one of the several who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can help you to efficiently help you in your loan. 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 Features
The Making Home Affordable Program, which was created and initiated in late 2009, enables numerous home owners who were previously struggling to get refinancing for their home loan. Because of overall declines throughout the market and home value decline, homeowners were having trouble paying more than they could afford on their homes. One of the primary benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing process, approved home owners of Fort Lauderdale, FL with HARP Refinancing could get a reduced payment for their home loan and help you save thousands of dollars over the years.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio of more than 80% on the home loan. Because mortgages that have an LTV of over 80% are often not able to qualify for standard refinancing options, the HARP program was needed to enable as many people as possible to start lowering costs on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally undergone quite a few alterations to enable greater flexibility for approval. Presently, the HARP program offered is identified as HARP 2.0 and offers more flexible qualification conditions. Below is a review of the history and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process can give substantial relief for Fort Lauderdale home owners that were not able to refinance their home in the past as a consequence of shrinking home values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most critical alteration. Meaning no more restrictions on how much a home owner currently owes on their home vs. how much money their home is currently worth! Florida home-owners upside-down or underwater with their mortgage loan can have some help. In addition to this, there are fewer restrictive credit regulations set up. Most of the so called government home refinance programs in the last several years have fallen short of actually assisting home-owners to refinance their home mortgage to a lower interest rate. The present variation of the HARP mortgage program (2.0) offers the help many Fort Lauderdale homeowners have deparately needed for way too long. Despite who your actual loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance on condition that your home 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 details of the program are based on what is increasingly being reviewed but it is unknown what the finalized program will give you or if it will even pass through Government red tape. The government has assumed that it would likely help over 30 million borrowers and save families an average of $300 per month on payments, that could add up to $35-70 billion in cost savings annually.
HARP 3 My Refi (Planned Potential Future Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a moment without any personal details ever required. You can also call 800-871-2636 7 days a week.
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