The Home Affordable Refinance Program (HARP) loan allows 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 numerous who are qualified for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly assist with your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance History, Eligibility Requirements, and Changes
The Making Home Affordable Program, which was created and launched in 2009, allows for numerous home owners who had been previously helpless to get refinancing for their mortgage loan. As a result of common declines throughout the market and property values, home owners were having difficulty spending money on more than they could afford on their homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new refinancing approach, qualified homeowners of Lighthouse Point with HARP Refinancing could possibly get a decreased payment for their mortgage loan and help save a lot of money over time.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because home mortgages that have an LTV of more than 80% are often not able to qualify for traditional loan refinancing options, the HARP program was essential to allow for as many people as possible to start lowering costs on their monthly payments. As borrowers needs have changed since the program began, the HARP program has additionally undergone a number of alterations to allow much more flexibility for approval. At this time, the HARP program provided is often called HARP 2.0 and gives more flexible qualification standards. This is a breakdown of the background and continuing growth of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program gives essential relief for Lighthouse Point, FL home owners that did not refinance in the past due to shrinking home values. The latest 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 prominent modification. This means no more limitations on how much a homeowner owes on their home verses how much money their house is currently worth! Lighthouse Point, FL homeowners upside-down or underwater with their mortgage will have some assistance. In addition, there are also less restrictive credit guidelines set up. Most of the so called government backed refinance loan programs in the last several years have fallen short of actually assisting homeowners to refinance their mortgage loan to a lower interest rate. The modern edition of the HARP mortgage program (2.0) provides the help many Lighthouse Point, FL home owners have deparately needed for too long. Whatever who your actual loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you on condition that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The main points of the program are derived from what is currently being reviewed but it is unknown what the eventual program will offer 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 $250 a month on the monthly payments, that may add to $35-70 billion in reductions each and every year.
HARP 3.0 MYREFI (Proposed Potential Future Program)
HARP refinance loan application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The fast application form only takes a few minutes without any personal data ever required. You can also call 800-871-2636 7 days a week.
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