The Home Affordable Refinance Program (HARP) loan would allow countless home-owners in Miami Dade County to re-finance their under water homes where it was previously unachievable. If you are among the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com will help you to quickly be of assistance to you with your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, first created and started in late 2009, enables many homeowners who were previously struggling to get refinancing for their mortgage. Stemming from complete decreases in the economy and property value decline, home owners were having difficulty paying more than they could afford on homes. One of the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new refinancing program, eligible home owners of Doral, FL with HARP Refinancing could possibly get a smaller payment on their home and help you save a lot of money over the years.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio greater than 80% on their home loan. Because mortgages with an LTV more than 80% are often not able to qualify for typical loan refinancing options, the HARP program was essential to allow for as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers demands have changed since the program began, the HARP program has also been through a number of variations to permit more flexibility for acceptance. Currently, the HARP program made available is referred to as HARP 2.0 and offers more flexible qualification standards. Here is a review of the historical past and expansion of the HARP refinance program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan program provides critical assistance for Doral, FL home owners that could not refinance in the past stemming from reducing home values. The modern 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 significant modification. It indicates no more limitations on how much a home owner currently owes on their home verses how much their home is currently worth. Doral, FL home owners upside-down or under water with their home loan will have some help. On top of that, there are fewer restrictive credit regulations implemented. Most of the so called government refinance loan programs in the last several years have fallen short of actually aiding home owners to refinance their home mortgage to a lower interest rate. The latest rendition of the HARP mortgage program (2.0) provides the relief many Doral property owners have deparately needed for way too long. No matter what who your actual loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help on condition that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program are based upon what is increasingly being spoken about but it is not known what the final program will provide or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 20 million borrowers and save homeowners an average of $300 a month on the mortgage payments, which could add up to $35-70 billion in savings every year.
HARP 3.0 My Refi (Planned Potential Future Program)
HARP refinance home loan application form 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 minute with zero personal details required. You can also call 800-871-2636 7 days a week.
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