The Home Affordable Refinance Program (HARP) loan makes it possible for a great number of homeowners in Miami-Dade County to re-finance their under water homes where it was previously unattainable. If you are one of the many who are qualified for the new HARP loan refinancing program, FiveStarsMortgage.com can help you to efficiently help out in your loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Features
The Making Home Affordable Program, first created and launched in late 2009, allows a large number of homeowners who were previously helpless to get refinancing for their mortgage. Simply because of complete declines in the economy and property values, home owners were cornered having to pay more than they can afford on their homes. One of the primary benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing program, qualified home owners of Miami, FL with HARP Refinancing can get a reduced payment on their mortgage loan and save yourself a lot of money in the long term.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of over 80% on their home loan. Because mortgage loans with an LTV of over 80% are often unable to qualify for common loan refinancing options, the HARP program was essential to permit as many people as possible to start saving money on their monthly payments. As borrowers demands have changed since the program began, the HARP program has also undergone a number of modifications to allow for greater flexibility for approval. At present, the HARP program made available is called HARP 2.0 and provides more flexible qualification guidelines. Here is a breakdown of the history and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan process can give major relief for Miami, FL home owners that could not refinance their home in the past resulting from reducing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited LTV, which is the most critical modification. This means no more limits on how much money a homeowner currently owes on their mortgage verses how much money their home is currently worth! Miami, FL homeowners upside-down or under water with their mortgage loan will now have some assistance. Moreover, there are also a lot less restrictive credit regulations set up. Most of the so called government relief refinance programs in the past have fallen short of truly aiding home-owners to refinance their home mortgage to a lower rate of interest. The latest variation of the HARP mortgage program (2.0) offers the relief many Miami, FL property owners have deparately needed for such a long time. Irrespective of who your current loan servicer is (Wells Fargo, Bank of America, Chase, Citi, etc) we are able to provide assistance as long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply speculation. The important points of the program are derived from what is increasingly being outlined but it is not known what the finalized 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 home-owners an average of $300 per month on the payments, that can add to $35-70 billion in reductions each and every year.
HARP 3 My Refi (Recommended Possible Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a moment with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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