The Home Affordable Refinance Program (HARP) loan will permit a large number of home owners in Broward County to re-finance their under water homes when it was previously not possible. If you are among the many who qualify for the new HARP refinance program, FiveStarsMortgage.com will help you to efficiently be of assistance to you with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Requirements, and Information
The Making Home Affordable Program, first created and initiated in 2009, enables many home owners who were previously unable to refinance their home loan. On account of complete declines in the economy and home value decline, homeowners were bogged down spending more than they can afford on homes. Amongst the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing process, approved homeowners of Dania Beach with HARP Refinancing can get a lower payment for their mortgage and help you save a lot of money in the long term.
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 their home loan. Because mortgage loans that have an LTV more than 80% are often unable to qualify for standard mortgage refinancing options, the HARP program was necessary to enable as many people as possible to begin lowering costs on their monthly payments. As credit seekers needs have changed since the program was implemented, the HARP program has additionally been subject to some alterations permitting greater flexibility for approval. Currently, the HARP program offered is referred to as HARP 2.0 and offers more flexible qualification requirements. Here is a review of the history and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program gives significant relief for Dania Beach 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 LTV, which is the most vital change. This simply means no more limitations on how much a home owner owes on their home vs. how much their property is currently worth. Florida homeowners upside-down or underwater on their mortgage can have some assistance. The best part is, there are also a lot less restrictive credit regulations in place. Most of the other government relief refinance loan programs in the last several years have fallen short of actually aiding homeowners to refinance their mortgage loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the relief many Dania Beach homeowners have deparately needed for so long. No matter what who your current loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can assist providing your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The details of the program derive from what is currently being discussed but it is unknown what the eventual program may offer or if it will even pass through Government red tape. The federal government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $200 per month on the monthly payments, that could add up to $35-70 billion in savings yearly.
HARP 3 My Refi (Planned Possible Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a moment and no personal info required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage loan?