The Home Affordable Refinance Program (HARP) loan would allow a great number of home owners in Miami-Dade County to re-finance their underwater homes where it was previously unachievable. If you are one of the many who qualify for the latest HARP home refinance program, FiveStarsMortgage.com will help you to efficiently assist with the home loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Qualifications, Eligibility Guidelines, and Updates
The Making Home Affordable Program, which was created and launched in 2009, allows a great number of home owners who had been previously unable to refinance their home loan. Caused by basic decreases throughout the market and property value decline, homeowners were trapped paying more than they can afford on homes. Among the main benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, approved residents of Miami Shores Village, FL with HARP Refinancing may get a more affordable payment for their mortgage and save yourself thousands of dollars in the long term.
The HARP approach is for home-owners with Freddie Mac or Fannie Mae backed home loans that have a loan-to-value (LTV) ratio in excess of 80% on their mortgage loan. Because mortgage loans with an LTV in excess of 80% are often not in a position to qualify for standard loan refinancing options, the HARP program was important to enable as many people as possible to start saving money on their monthly mortgage payments. As borrowers needs have changed since the program began, the HARP program has additionally been through quite a few adjustments to allow significantly more flexibility for approval. At present, the HARP program provided is often called HARP 2.0 and provides more flexible qualification guidelines. This is the breakdown of the historical past and development of the HARP home refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 home refinance loan process can give substantial relief for Miami Shores Village home owners that could not refinance their home in the past stemming from 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 prominent modification. This simply means no more limits on how much a home owner owes on their mortgage loan verses how much their house is currently worth. Florida home-owners upside down or underwater with their mortgage loan can have some help. The best part is, there are also a lot less restrictive credit regulations in place. Many of the so called government backed home refinance programs in the past have fallen short of actually aiding homeowners to refinance their home mortgage to a lower interest rate. The current variation of the HARP mortgage program (2.0) provides the relief many Miami Shores Village homeowners have needed for way too long. No matter what who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help providing your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information specified is simply hypothesis. The main points of the program are based upon what is currently being discussed but it is not known what the eventual program may offer or if it will even pass. The federal government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $300 per month on the monthly payments, that can add to $35-70 billion in cost savings yearly.
HARP 3 My Refi (Suggested Future Program)
HARP refinance home loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes one minute with no personal information required. You can also call 800-871-2636 7 days a week.
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