The Home Affordable Refinance Program (HARP) loan would allow countless homeowners in Miami-Dade County to re-finance their under water homes when it was previously impossible. If you are one of the several who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently be of assistance to you with 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 Prerequisites, and Changes
The Making Home Affordable Program, first created and initiated in 2009, enables numerous homeowners who had been previously unable to get refinancing for their mortgage. On account of total declines in the economy and home values, homeowners were stuck spending more than they could afford on homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, eligible home owners of Florida City with HARP Refinancing may get a lesser payment for their home and save lots of money over the years.
The HARP program is for homeowners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio in excess of 80% on the mortgage loan. Because mortgage loans that have an LTV of more than 80% are often not able to qualify for common refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their payments. As credit seekers demands have changed since the program began, the HARP program has also gone through quite a few improvements to permit added flexibility for approval. At this time, the HARP program sold is identified as HARP 2.0 and provides more flexible qualification standards. This is a review of the background and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program gives essential relief for Florida City home owners that did not refinance in the past resulting from decreasing house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most prominent adjustment. It indicates no more limits on how much money a home owner owes on their home loan verses how much their home is currently worth. Florida City homeowners upside-down or under water with their mortgage will get some relief. In addition to this, there are also fewer restricted credit guidelines installed. Many of the other government refinance loan programs in the past have fallen short of actually supporting home-owners to refinance their home mortgage to a lower interest rate. The present version of the HARP mortgage program (2.0) provides the help many Florida City, FL home-owners have needed for so long. Despite who your existing loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to provide assistance provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The facts of the program are derived from what is currently being spoken about but it is not known what the ultimate program will offer you or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $350 a month on monthly mortgage payments, that would add up to $35-70 billion in reductions each year.
HARP 3.0 MYREFI (Planned Possible Future Program)
HARP refinance loan application form requests are being accepted 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 info ever required. You can also call 800-871-2636 7 days a week.
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