The Home Affordable Refinance Program (HARP) loan would allow a great number of home-owners in Miami-Dade County to re-finance their under water homes when it was previously not possible. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com will help you to quickly help you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Prerequisites, and Updates
The Making Home Affordable Program, first created and started in 2009, enables a large number of homeowners who were previously struggling to refinance their mortgage loan. Through basic decreases throughout the market and property values, home owners were having problems spending more than they can afford on their homes. One of the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, qualified home owners of Bal Harbour, FL with HARP Refinancing may get a lesser payment on their home loan and help save a lot of money in the long term.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because home loans with an LTV more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was needed to permit as many people as possible to begin saving money on their monthly payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also gone through quite a few variations permitting a lot more flexibility for approval. Currently, the HARP program made available is known as HARP 2.0 and gives more flexible qualification requirements. This is a breakdown of the background and development of the HARP refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program gives significant relief for Bal Harbour, FL home owners that did not refinance their home in the past as a consequence of decreasing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most significant alteration. It indicates no more restrictions on how much money a homeowner currently owes on their mortgage verses how much their property is currently worth! Bal Harbour home owners upside-down or under water in their home loan will get some help. In addition to this, there are also a reduced amount of restrictive credit regulations installed. Many of the other government backed refinance loan programs in the past have fallen short of truly supporting 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 Bal Harbour homeowners have needed for such a long time. Regardless of who your actual loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist so long as your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program derive from what is increasingly being discussed but it is unknown what the finalized program may offer or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save families an average of $250 per month on the monthly mortgage payments, that would add to $35-70 billion in cost savings each year.
HARP 3 My Refi (Recommended Possible Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a minute with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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