The Home Affordable Refinance Program (HARP) loan permits a large number of home owners in Miami-Dade County to refinance their under water homes where it was previously out of the question. If you are one of many who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can assist you to efficiently help you 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 History, Plan Criteria, and Enhancements
The Making Home Affordable Program, first created and initiated in 2009, enables a great number of home owners who had been previously struggling to get refinancing for their mortgage. Due to overall decreases in the economy and property values, homeowners were stuck paying more than they can afford on their homes. One of the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, approved residents of Sunny Isles Beach, FL with HARP Refinancing could possibly get a smaller payment on their mortgage loan and save thousands of dollars over the long haul.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because home mortgages that have an LTV of over 80% are often unable to qualify for conventional refinancing options, the HARP program was essential to enable as many people as possible to begin saving money on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally undergone a number of changes permitting much more flexibility for approval. Currently, the HARP program provided is called HARP 2.0 and provides more flexible qualification prerequisites. Below is a summary of the background and development of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program can give significant assistance for Sunny Isles Beach home owners that could not refinance in the past because of falling house values. The newest 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 important adjustment. Therefore no more limits on how much money a homeowner owes on their home loan vs. how much their house is currently worth! Sunny Isles Beach, FL home-owners upside-down or underwater in their home loan will now get some relief. Also, there are a lot less restrictive credit regulations installed. Most of the so called government relief loan refinancing programs in the last several years have fallen short of actually helping home owners to refinance their mortgage to a lower rate of interest. The modern version of the HARP mortgage program (2.0) offers the help many Sunny Isles Beach, FL home owners have needed for too long. Irrespective of who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist providing your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program derive from what is currently being discussed but it is unknown what the finalized program may offer or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save homeowners an average of $250 per month on their monthly payments, which might total $35-70 billion in financial benefits yearly.
HARP 3.0 MYREFI (Suggested Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes one minute with zero personal details required. You can also call 800-871-2636 7 days a week.
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