The Home Affordable Refinance Program (HARP) loan allows a great number of homeowners in Miami-Dade County to re-finance their under water homes when it was previously unattainable. If you are one of the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can assist you to efficiently assist with your 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 Guidelines, and Information
The Making Home Affordable Program, first created and launched in 2009, allows for many homeowners who were previously unable to get refinancing for their home loan. Being a result of general declines in the economy and home values, homeowners were having problems having to pay more than they could afford on their homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new loan refinancing program, qualified homeowners of Surfside, FL with HARP Refinancing can get a cheaper payment for their mortgage loan and save yourself lots of money in the long term.
The HARP process is for home owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of greater than 80% on their home loan. 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 needed to allow as many people as possible to begin lowering costs on their monthly payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also gone through some alterations to allow for additional flexibility for acceptance. At this time, the HARP program provided is labeled HARP 2.0 and offers more flexible qualification standards. Below is a review of the historical past and progression of the HARP refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan process provides serious assistance for Surfside, FL home owners that did not refinance in the past resulting from dropping house values. The latest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited LTV, which is the most prominent adjustment. This simply means no more limitations on how much money a homeowner currently owes on their mortgage verses how much their property is currently worth. Surfside home owners upside down or under water with their home loan will now get some relief. Moreover, there are also a reduced amount of restricted credit regulations implemented. Most of the so called government home refinance programs in the past have fallen short of honestly assisting home-owners to refinance their mortgage loan to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Surfside, FL homeowners have deparately needed for so long. It does not matter who your existing loan provider is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The main points of the program are derived from what is increasingly being discussed but it is unknown what the eventual program will offer you or if it will even pass. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $400 per month on monthly payments, that may total $35-70 billion in savings yearly.
HARP 3 My Refi (Planned Potential Program)
HARP refinance loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The quick application only takes a minute without any personal data 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 loan?