The Home Affordable Refinance Program (HARP) loan enables a great number of home owners in Broward County to refinance their underwater homes when it was previously not possible. If you are one of the several who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly help out in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Updates
The Making Home Affordable Program, first created and initiated in late 2009, enables a great number of home owners who had been previously helpless to refinance their mortgage. Caused by general declines in the economy and property values, homeowners were cornered having to pay more than they could afford on homes. Amongst the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new refinancing approach, eligible residents of Weston, FL with HARP Refinancing may get a decreased payment for their mortgage loan and save a lot of money in the long run.
The HARP system is for home owners with Freddie Mac or Fannie Mae backed mortgage loans who have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because home loans that have an LTV of more than 80% are often not in a position to qualify for conventional refinancing options, the HARP program was essential to allow for as many people as possible to begin lowering costs on their mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been subject to quite a few improvements to enable extra flexibility for acceptance. Presently, the HARP program being offered is often called HARP 2.0 and gives more flexible qualification prerequisites. Below is a breakdown of the historical past and expansion of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan program is providing major relief for Weston, FL home owners that could not refinance in the past on account of decreasing home values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unlimited loan to value, which is the most critical adjustment. This indicates no more limits on how much money a home owner currently owes on their mortgage vs. how much their property is currently worth! Weston home owners upside-down or under water on their home loan will now have some help. In addition, there are less restrictive credit regulations set up. Many of the other government refinance loan programs in the last several years have fallen short of honestly assisting home-owners to refinance their mortgage to a lower rate of interest. The latest version of the HARP mortgage program (2.0) provides the help many Weston property owners have deparately needed for way too long. Whatever who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist as long as your mortgage 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 facts of the program are based upon what is increasingly being outlined but it is unknown what the eventual program will offer you or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $350 per month on the mortgage payments, which might add to $35-70 billion in reductions annually.
HARP 3 MYREFI (Projected Potential Program)
HARP refinance home loan 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 one minute and no personal info required. You can also call 800-871-2636 7 days a week.
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