The Home Affordable Refinance Program (HARP) loan enables many home-owners in Broward County to refinance their underwater homes where it was previously unattainable. If you are one of the numerous who are qualified for the new HARP refinance program, FiveStarsMortgage.com will help you to easily be of assistance to you in your mortgage 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 Requirements, and Information
The Making Home Affordable Program, which was created and launched in 2009, enables a great number of homeowners who had been previously unable to refinance their home loan. Mainly because of basic declines in the economy and property value decline, home owners were bogged down paying more than they could afford on their homes. One of the chief benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new mortgage refinancing program, approved residents of Deerfield Beach with HARP Refinancing may get a smaller payment for their home and save lots of money in the long term.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgage loans with an LTV of over 80% are often not able to qualify for conventional loan refinancing options, the HARP program was essential to permit as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through a number of modifications to allow for more flexibility for acceptance. Right now, the HARP program available is often called HARP 2.0 and provides more flexible qualification standards. Here is a review of the historical past and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process is providing considerable assistance for Deerfield Beach, FL home owners that could not refinance in the past resulting from shrinking house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most vital modification. Therefore no more limits on how much a homeowner currently owes on their mortgage vs. how much their home is currently worth! Deerfield Beach homeowners upside down or under water in their mortgage loan can have some help. In addition, there are a lot less restrictive credit guidelines installed. Many of the other government backed refinance loan programs in the past have fallen short of truly supporting homeowners to refinance their mortgage to a lower rate of interest. The modern edition of the HARP mortgage program (2.0) provides the help many Deerfield Beach, FL home-owners have needed for way too long. It does not matter who your actual loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance on condition that your mortgage loan is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program derive from what is currently being reviewed but it is unknown what the finished program will give you or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $300 per month on monthly payments, which could total $35-70 billion in cost savings every year.
HARP 3.0 My Refi (Planned Potential Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a few minutes without any 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?