The Home Affordable Refinance Program (HARP) loan lets a large number of home-owners in Miami-Dade County to re-finance their underwater homes when it was previously out of the question. If you are among the numerous who qualify for the new HARP loan refinancing program, FiveStarsMortgage.com can assist you to easily help you with the mortgage. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Criteria, and Changes
The Making Home Affordable Program, first created and launched in late 2009, enables a great number of home owners who were previously helpless to get refinancing for their mortgage loan. Mainly because of overall declines throughout the market and home value decline, homeowners were having difficulty spending money on more than they could afford on homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, eligible home owners of Miami Beach with HARP Refinancing can get a lower payment on their home loan and save yourself a lot of money over time.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio greater than 80% on their mortgage. Because home mortgages with an LTV of more than 80% are often unable to qualify for common loan refinancing options, the HARP program was essential to allow for as many people as possible to begin spending less on their monthly mortgage payments. As credit seekers expectations have changed since the program began, the HARP program has additionally been through a number of adjustments to enable much more flexibility for approval. At present, the HARP program available is labeled HARP 2.0 and offers more flexible qualification specifications. This is the summary of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 home refinance loan program gives essential relief for Miami Beach home owners that were not able to refinance in the past resulting from declining 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 significant adjustment. This suggests no more restrictions on how much a homeowner currently owes on their mortgage vs. how much money their home is currently worth. Miami Beach homeowners upside-down or underwater with their home loan will now get some help. On top of that, there are less restricted credit guidelines installed. Many of the so called government relief refinance programs in the last several years have fallen short of truly assisting home owners to refinance their mortgage to a lower interest rate. The present variation of the HARP mortgage program (2.0) provides the relief many Miami Beach, FL homeowners have deparately needed for such a long time. No matter what who your loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help as 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 hypothesis. The important points of the program are based on what is increasingly being reviewed but it is unknown what the final program may offer or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $400 per month on the mortgage payments, that may add up to $35-70 billion in savings each year.
HARP 3.0 MYREFI (Planned Potential Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes one minute with no personal data required. You can also call 800-871-2636 7 days a week.
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