The Home Affordable Refinance Program (HARP) loan makes it possible for many home owners in Broward County to refinance their under water homes where it was previously out of the question. If you are one of the several who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to easily help out with the loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Plan Guidelines, and Updates
The Making Home Affordable Program, which was created and initiated in 2009, allows many home owners who had been previously unable to get refinancing for their mortgage. Caused by general declines throughout the market and home value decline, home owners were trapped spending money on more than they could afford on their homes. One of the largest benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, approved residents of Hollywood with HARP Refinancing could possibly get a cheaper payment for their mortgage loan and save yourself a lot of money in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed mortgages having a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because mortgage loans that have an LTV in excess of 80% are often unable to qualify for common loan refinancing options, the HARP program was essential to permit as many people as possible to start lowering costs on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally gone through some alterations to allow extra flexibility for approval. At present, the HARP program offered is labeled HARP 2.0 and provides more flexible qualification guidelines. Here is a breakdown of the background and development of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process is providing considerable relief for Hollywood, FL home owners that were not able to refinance their home in the past resulting from shrinking home values. The latest 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 important adjustment. It indicates no more limits on how much a home owner currently owes on their home loan vs. how much their home is currently worth! Hollywood, FL home-owners upside down or under water in their mortgage loan will have some assistance. In addition to this, there are also fewer restricted credit guidelines implemented. Many of the so called government home refinance programs in the last several years have fallen short of actually helping homeowners to refinance their home loan to a lower rate of interest. The modern version of the HARP mortgage program (2.0) provides the relief many Hollywood, FL home-owners have needed for such a long time. No matter what who your existing loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to help you providing your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The details of the program derive from what is increasingly being spoken about but it is unknown what the eventual program offers or if it will even have the chance of passing. The federal government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $200 a month on payments, which might add to $35-70 billion in reductions yearly.
HARP 3.0 My Refi (Planned Potential Program)
HARP refinance mortgage application requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The short application only takes a moment without any personal data ever required. You can also call 800-871-2636 7 days a week.
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