The Home Affordable Refinance Program (HARP) loan enables a great number of home-owners in Broward County to refinance their under water homes when it was previously out of the question. If you are one of the several who qualify for the latest HARP refinance program, FiveStarsMortgage.com can help you to easily help you with 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 History, Plan Criteria, and Enhancements
The Making Home Affordable Program, which was created and initiated in 2009, helps a great number of homeowners who had been previously helpless to refinance their mortgage loan. Due to the total declines in the economy and home values, homeowners were having trouble having to pay more than they could afford on their homes. Amongst the main benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing process, approved homeowners of Lauderdale by the Sea, FL with HARP Refinancing could possibly get a cheaper payment on their mortgage and help save thousands of dollars over time.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of over 80% on their mortgage. Because home loans that have an LTV more than 80% are often not able to qualify for typical refinancing options, the HARP program was needed to allow as many people as possible to begin saving money on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has also been through some adjustments permitting significantly more flexibility for approval. At this time, the HARP program being offered is named HARP 2.0 and offers more flexible qualification requirements. Here is a summary of the history and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan program gives significant assistance for Lauderdale by the Sea home owners that did not refinance in the past caused by diminishing house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted loan to value, which is the most essential adjustment. What this means is no more restrictions on how much a homeowner owes on their home vs. how much their home is currently worth! Lauderdale by the Sea, FL home owners upside down or under water on their mortgage can have some relief. Moreover, there are less restricted credit regulations set up. Most of the so called government backed refinance loan programs in the last several years have fallen short of truly supporting home-owners to refinance their mortgage loan to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the relief many Lauderdale by the Sea, FL property owners have deparately needed for too long. Regardless of who your actual loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help you so long as your mortgage loan 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 main points of the program derive from what is currently being reviewed but it is not known what the final program offers or if it will even pass. The federal government has assumed that it would probably help over 30 million borrowers and save home-owners an average of $400 a month on their mortgage payments, that may add up to $35-70 billion in reductions every year.
HARP 3.0 My Refi (Recommended Potential Future 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 quick application form only takes a minute with zero personal information ever required. You can also call 800-871-2636 7 days a week.
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