The Home Affordable Refinance Program (HARP) loan enables a great number of homeowners in Miami-Dade County to refinance their underwater homes when it was previously impossible. If you are among the many who qualify for the newest HARP refinance program, FiveStarsMortgage.com can help you to easily help out with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Changes
The Making Home Affordable Program, first created and launched in 2009, lets numerous homeowners who had been previously helpless to get refinancing for their home loan. Due to overall decreases throughout the market and home values, home owners were cornered 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. With this new mortgage refinancing process, qualified residents of North Bay Village, FL with HARP Refinancing can get a reduced payment for their mortgage and save yourself a lot of money over the years.
The HARP system 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 the home loan. Because home mortgages that have an LTV in excess of 80% are often not able to qualify for conventional loan refinancing options, the HARP program was necessary to allow as many people as possible to start spending less on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also been through quite a few improvements permitting a bit more flexibility for acceptance. At this time, the HARP program being offered is labeled HARP 2.0 and offers more flexible qualification standards. Below is a breakdown of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program is providing serious assistance for North Bay Village, FL home owners that were not able to refinance their home in the past as a result of dropping home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most essential modification. It indicates no more restrictions on how much money a home owner currently owes on their home loan vs. how much their house is currently worth. North Bay Village, FL home owners upside down or under water with their mortgage will now get some relief. Moreover, there are also fewer restricted credit guidelines implemented. Most of the other government refinance loan programs in the last several years have fallen short of truly supporting home owners to refinance their mortgage to a lower interest rate. The latest variation of the HARP mortgage program (2.0) provides the help many North Bay Village, FL home-owners have deparately needed for too long. No matter what who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help you so long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The important points of the program are based on what is increasingly being spoken about but it is not known what the final program offers or if it will even pass through Government red tape. The government has assumed that it would probably help over 30 million borrowers and save home owners an average of $200 per month on monthly mortgage payments, which could total $35-70 billion in reductions every year.
HARP 3 MYREFI (Suggested Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a few minutes with zero personal details ever required. You can also call 800-871-2636 7 days a week.
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