The Home Affordable Refinance Program (HARP) loan will allow countless home owners in Miami-Dade County to re-finance their underwater homes where it was previously out of the question. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can assist you to easily help out 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 Qualifications, Plan Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and initiated in 2009, allows a large number of home owners who had been previously struggling to refinance their home loan. Attributed to existing declines throughout the market and home value decline, home owners were stuck spending money on more than they can afford on their homes. Among the best benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified home owners of Medley, FL with HARP Refinancing can get a lower payment on their mortgage loan and save yourself thousands of dollars over time.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because home loans with an LTV in excess of 80% are often unable to qualify for typical mortgage refinancing options, the HARP program was needed to let as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers needs have changed since the program was implemented, the HARP program has also gone through some adjustments to permit extra flexibility for approval. Right now, the HARP program being offered is labeled HARP 2.0 and gives more flexible qualification standards. This is the breakdown of the historical past and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program offers essential assistance for Medley home owners that did not refinance in the past as a result of diminishing home values. The latest 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 critical change. This suggests no more restrictions on how much a home owner owes on their mortgage loan vs. how much their house is currently worth! Medley home owners upside-down or under water with their mortgage loan will now have some assistance. In addition to this, there are also fewer restricted credit guidelines installed. Most of the other government backed loan refinancing programs in the past have fallen short of honestly supporting home-owners to refinance their mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the help many Medley, FL property owners have deparately needed for way too long. Irrespective of who your current loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance so long as your mortgage is presently 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 are based on what is currently being outlined but it is unknown what the ultimate program will offer or if it will even pass through Government red tape. The federal government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $400 per month on the mortgage payments, which might add up to $35-70 billion in savings annually.
HARP 3 MYREFI (Projected Potential Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a moment without any personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a conventional mortgage loan?