The Home Affordable Refinance Program (HARP) loan would allow many home-owners in Miami-Dade County to re-finance their under water homes where it was previously not possible. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can help you to efficiently help out 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 Qualifications, Eligibility Criteria, and Enhancements
The Making Home Affordable Program, first created and started in late 2009, allows for many homeowners who had been previously struggling to get refinancing for their home loan. By reason of basic declines in the economy and property values, homeowners were stuck spending more than they could afford on homes. Among the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, qualified homeowners of Hialeah Gardens, FL with HARP Refinancing may get a more affordable payment on their mortgage and help save a lot of money over time.
The HARP program is for home owners with Freddie Mac or Fannie Mae backed mortgages that have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because mortgage loans that have an LTV in excess of 80% are often not in a position to qualify for traditional refinancing options, the HARP program was essential to let as many people as possible to start spending less on their monthly mortgage payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally undergone quite a few alterations to allow added flexibility for acceptance. Currently, the HARP program provided is known as HARP 2.0 and gives more flexible qualification conditions. Below is a summary of the historical past and continuing growth of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process can give essential relief for Hialeah Gardens home owners that were not able to refinance their home in the past stemming from diminishing home 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 essential modification. Therefore no more limits on how much a home owner owes on their mortgage loan verses how much their house is currently worth! Hialeah Gardens home-owners upside down or underwater with their mortgage will get some assistance. Moreover, there are less restricted credit guidelines in place. Many of the so called government relief home refinance programs in the past have fallen short of actually helping homeowners to refinance their mortgage to a lower interest rate. The modern edition of the HARP mortgage program (2.0) provides the help many Hialeah Gardens home-owners have deparately needed for such a long time. Whatever who your current loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist so long as 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 are based on what is currently being outlined but it is unknown what the final program can provide or if it will even have the chance of passing. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $300 a month on monthly mortgage payments, that can add up to $35-70 billion in savings annually.
HARP 3.0 MYREFI (Projected Future Program)
HARP refinance home loan application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes a moment and no personal data ever required. You can also call 800-871-2636 7 days a week.
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