The Home Affordable Refinance Program (HARP) loan would allow many homeowners in Miami-Dade County to re-finance their under water homes when it was previously not possible. If you are among the many who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly help out with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Guidelines, and Enhancements
The Making Home Affordable Program, first created and initiated in late 2009, allows a large number of homeowners who had been previously struggling to get refinancing for their mortgage. Due to the common decreases in the economy and property values, homeowners were having trouble paying more than they could afford on their homes. Amongst the most significant benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. With this new mortgage refinancing process, qualified homeowners of Homestead, FL with HARP Refinancing can usually get a more affordable payment on their home and help you save a lot of money over the long haul.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio greater than 80% on the home loan. Because mortgages with an LTV of over 80% are often not in a position to qualify for standard refinancing options, the HARP program was important to permit as many people as possible to start spending less on their payments. As credit seekers expectations have changed since the program began, the HARP program has also been subject to some adjustments to allow significantly more flexibility for approval. At this time, the HARP program being offered is referred to as HARP 2.0 and gives more flexible qualification conditions. This is a breakdown of the history and expansion of the HARP refinancing program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process provides essential relief for Homestead, FL home owners that did not refinance in the past as a result 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. Therefore no more limitations on how much a homeowner currently owes on their mortgage loan verses how much money their property is currently worth. Homestead home-owners upside-down or underwater with their mortgage loan can get some assistance. Also, there are less restrictive credit regulations installed. Many of the other government loan refinancing programs in the last several years have fallen short of truly helping home-owners to refinance their mortgage loan to a lower rate of interest. The current version of the HARP mortgage program (2.0) offers the relief many Homestead, FL home owners have deparately needed for way too long. Whatever who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can provide assistance on condition that 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 currently being spoken about but it is unknown what the finished program will offer you or if it will even pass. The federal government has assumed that it would most likely help over 20 million borrowers and save homeowners an average of $250 a month on monthly mortgage payments, that may add up to $35-70 billion in financial benefits each and every year.
HARP 3.0 My Refi (Suggested Potential Program)
HARP refinance mortgage application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application only takes a few minutes with no personal info ever required. You can also call 800-871-2636 7 days a week.
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