The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of home owners in Miami-Dade County to refinance their under water homes when it was previously impossible. If you are one of the many who qualify for the newest HARP refinancing program, FiveStarsMortgage.com can help you to swiftly help out in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Prerequisites, and Features
The Making Home Affordable Program, which was created and started in 2009, allows a large number of homeowners who were previously helpless to refinance their home loan. Being a result of basic decreases in the economy and property value decline, home owners were stuck spending money on more than they could afford on their homes. One of the most significant benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, qualified home owners of West Miami, FL with HARP Refinancing could possibly get a lesser payment for their home loan and save yourself lots of money in the long term.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because mortgage loans with an LTV more than 80% are often unable to qualify for standard loan refinancing options, the HARP program was important to allow as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also gone through quite a few alterations to permit much more flexibility for approval. Right now, the HARP program available is called HARP 2.0 and provides more flexible qualification standards. This is the breakdown of the history and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program offers sizeable assistance for West Miami, FL home owners that were not able to refinance their home in the past due to dropping home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most vital change. It indicates no more limitations on how much a homeowner currently owes on their home vs. how much money their home is currently worth! Florida homeowners upside down or underwater with their mortgage will get some help. The best part is, there are also less restricted credit guidelines implemented. Most of the other government backed refinance loan programs in the last several years have fallen short of truly assisting homeowners to refinance their home mortgage to a lower interest rate. The latest variation of the HARP mortgage program (2.0) provides the help many West Miami home owners have needed for so long. Irrespective of who your loan servicing company is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you provided that your mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The details of the program are based on what is currently being outlined but it is unknown what the finalized program offers or if it will even pass. The government has assumed that it would most likely help over 20 million borrowers and save home-owners an average of $300 a month on mortgage payments, which could total $35-70 billion in savings every year.
HARP 3 My Refi (Proposed Potential Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The quick application form only takes a moment without any personal info required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a conventional mortgage loan?