The Home Affordable Refinance Program (HARP) loan will allow a great number of home owners in Broward County to refinance their under water homes when it was previously not possible. If you are among the numerous who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com will help you to quickly help out with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Criteria, and Updates
The Making Home Affordable Program, first created and launched in 2009, enables a great number of home owners who were previously helpless to refinance their mortgage. Being a result of complete decreases throughout the market and property values, homeowners were having problems spending more than they could afford on their homes. One of the most significant benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing process, qualified homeowners of Sea Ranch Lakes with HARP Refinancing may get a reduced payment on their home and save yourself a lot of money over time.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of more than 80% on the mortgage loan. Because home loans with an LTV in excess of 80% are often unable to qualify for common refinancing options, the HARP program was necessary to allow for as many people as possible to begin lowering costs on their monthly payments. As credit seekers expectations have changed since the program began, the HARP program has also undergone quite a few variations permitting extra flexibility for acceptance. At this time, the HARP program sold is often called HARP 2.0 and offers more flexible qualification standards. This is a summary of the historical past and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process is providing considerable assistance for Sea Ranch Lakes home owners that did not refinance their home in the past because of decreasing house values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most vital change. What this means is no more limitations on how much money a homeowner owes on their mortgage loan verses how much money their house is currently worth. Florida home-owners upside-down or underwater with their home loan can have some help. Also, there are less restricted credit guidelines implemented. Many of the other government backed refinance programs in the past have fallen short of truly helping home-owners to refinance their home mortgage to a lower rate of interest. The present variation of the HARP mortgage program (2.0) offers the help many Sea Ranch Lakes home-owners have deparately needed for way too long. Despite who your actual loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help you on condition that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The important points of the program derive from what is currently being reviewed but it is unknown what the finished program will offer you or if it will even pass. The federal government has assumed that it would probably help over 20 million borrowers and save families an average of $350 a month on monthly payments, which might add up to $35-70 billion in cost savings yearly.
HARP 3 MYREFI (Planned Potential Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a minute without any personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage?