The Home Affordable Refinance Program (HARP) loan lets many home-owners in Miami-Dade County to refinance their under water homes when it was previously unattainable. If you are among the numerous who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can assist you to easily help you with 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, Plan Guidelines, and Changes
The Making Home Affordable Program, which was created and launched in late 2009, enables a great number of home owners who were previously struggling to refinance their mortgage loan. A result of all round decreases in the economy and home values, home owners were having trouble having to pay more than they could afford on their homes. Amongst the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this new mortgage refinancing program, eligible home owners of Key Biscayne, FL with HARP Refinancing may get a lower payment on their home and save yourself a lot of money in the long run.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans that have a loan-to-value (LTV) ratio in excess of 80% on the mortgage loan. Because home mortgages with an LTV of over 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was important to permit as many people as possible to begin spending less on their monthly payments. As borrowers expectations have changed since the program was implemented, the HARP program has additionally been subject to some adjustments to enable extra flexibility for approval. At this time, the HARP program made available is referred to as HARP 2.0 and offers more flexible qualification standards. Here is a review of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program can give sizeable assistance for Key Biscayne, FL home owners that could not refinance their home in the past because of diminishing home values. The newest 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 prominent alteration. Therefore no more limits on how much a home owner currently owes on their home verses how much money their home is currently worth. Key Biscayne, FL home-owners upside-down or underwater with their mortgage will now get some relief. In addition to this, there are less restricted credit regulations installed. Most of the so called government backed refinance loan programs in the past have fallen short of actually helping homeowners to refinance their home loan to a lower interest rate. The latest version of the HARP mortgage program (2.0) provides the help many Key Biscayne, FL home owners have needed for too long. Regardless of who your actual loan provider is (Citi, Chase, Wells Fargo, Bank of America, 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 provided is speculation. The details of the program are based upon what is currently being reviewed but it is not known what the final program will offer or if it will even pass through Government red tape. The government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $250 per month on their monthly payments, which could total $35-70 billion in financial benefits each and every year.
HARP 3 My Refi (Planned Potential Future Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a few minutes with zero personal info ever 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?