The Home Affordable Refinance Program (HARP) loan will allow many home-owners in Broward County to refinance their under water homes where it was previously impossible. If you are one of many who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com will help you to efficiently help you with your 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 Guidelines, and Information
The Making Home Affordable Program, which was created and initiated in 2009, helps a great number of home owners who had been previously struggling to get refinancing for their home loan. Attributed to basic decreases throughout the market and home value decline, homeowners were having trouble spending money on more than they could afford on homes. One of the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, qualified home owners of Plantation, FL with HARP Refinancing can usually get a more affordable payment for their home and help you save a lot of money over the years.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because home loans with an LTV of more than 80% are often not in a position to qualify for traditional loan refinancing options, the HARP program was necessary to let as many people as possible to start lowering costs on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been through some changes to allow added flexibility for approval. At present, the HARP program available is known as HARP 2.0 and gives more flexible qualification guidelines. This is a breakdown of the history and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan program can give sizeable relief for Plantation, FL home owners that were not able to refinance in the past due to reducing home values. The latest 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 important adjustment. This suggests no more limits on how much money a homeowner owes on their mortgage verses how much their property is currently worth! Plantation home owners upside-down or underwater in their mortgage loan will have some assistance. On top of that, there are also fewer restrictive credit regulations in place. Most of the so called government relief refinance programs in the last several years have fallen short of actually supporting home-owners to refinance their mortgage to a lower interest rate. The latest variation of the HARP mortgage program (2.0) provides the relief many Plantation, FL home-owners have deparately needed for such a long time. Whatever who your loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we are able to help provided that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The specifics of the program are based upon what is increasingly being spoken about but it is unknown what the final program may offer or if it will even have the chance of passing. The government has assumed that it would likely help over 20 million borrowers and save home owners an average of $300 per month on monthly mortgage payments, which might total $35-70 billion in financial benefits annually.
HARP 3 My Refi (Proposed Potential Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes a minute without any personal details required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage loan?