The Home Affordable Refinance Program (HARP) loan permits a great number of homeowners in Broward County to refinance their under water homes when it was previously unattainable. If you are one of many who are qualified for the new HARP refinance program, FiveStarsMortgage.com can assist you to quickly be of assistance to you with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Information
The Making Home Affordable Program, first created and launched in 2009, allows for numerous homeowners who were previously struggling to refinance their mortgage. Through common decreases in the economy and property values, home owners were trapped spending money on more than they can afford on their homes. One of the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, eligible homeowners of Miramar, FL with HARP Refinancing could get a smaller payment on their mortgage and save yourself a lot of money over time.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because mortgage loans that have an LTV in excess of 80% are often not in a position to qualify for common mortgage refinancing options, the HARP program was necessary to allow for as many people as possible to begin lowering costs on their payments. As borrowers demands have changed since the program began, the HARP program has additionally gone through some changes permitting extra flexibility for acceptance. Right now, the HARP program being offered is known as HARP 2.0 and gives more flexible qualification requirements. This is a review of the historical past and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process gives critical assistance for Miramar home owners that did not refinance in the past due to declining home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most prominent change. It indicates no more restrictions on how much a homeowner currently owes on their mortgage verses how much their property is currently worth. Miramar homeowners upside-down or under water on their home loan can have some help. On top of that, there are fewer restricted credit guidelines installed. Most of the other government refinance programs in the last several years have fallen short of actually assisting home owners to refinance their mortgage loan to a lower rate of interest. The current variation of the HARP mortgage program (2.0) provides the help many Miramar, FL property owners have needed for too long. Irrespective of who your existing loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are based on what is increasingly being reviewed but it is unknown what the ultimate program offers or if it will even pass. The government has assumed that it would likely help over 20 million borrowers and save homeowners an average of $350 per month on the monthly payments, that can add up to $35-70 billion in reductions annually.
HARP 3.0 My Refi (Proposed Future Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a moment with zero personal info ever required. You can also call 800-871-2636 7 days a week.
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