The Home Affordable Refinance Program (HARP) loan allows a great number of home-owners in Miami-Dade County to re-finance their underwater homes when it was previously unachievable. If you are one of the several who are qualified for the new HARP home refinance program, FiveStarsMortgage.com can help you to efficiently assist with the mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance History, Plan Prerequisites, and Changes
The Making Home Affordable Program, first created and initiated in late 2009, allows for a large number of home owners who had been previously helpless to get refinancing for their mortgage loan. Mainly because of complete decreases in the economy and home value decline, home owners were bogged down paying more than they could afford on homes. One of the primary benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. With this new loan refinancing process, eligible home owners of Miami Springs, FL with HARP Refinancing can get a decreased payment for their home loan and save thousands of dollars over the years.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home mortgages with an LTV more than 80% are often not able to qualify for standard refinancing options, the HARP program was needed to allow for as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has additionally been subject to a number of alterations permitting far more flexibility for approval. At this time, the HARP program made available is named HARP 2.0 and offers more flexible qualification prerequisites. Here is a review of the history and development of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process gives serious assistance for Miami Springs, FL home owners that were not able to refinance their home in the past caused by declining house values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most important alteration. This indicates no more limitations on how much a home owner owes on their home verses how much money their home is currently worth. Miami Springs, FL home-owners upside down or under water in their mortgage loan will have some relief. Also, there are also less restricted credit regulations in place. Most of the other government relief home refinance programs in the past have fallen short of truly helping home owners to refinance their mortgage loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the relief many Miami Springs home-owners have deparately needed for so long. Whatever who your actual loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to assist so long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The main points of the program are derived from what is increasingly being reviewed but it is not known what the finished program offers or if it will even pass. The federal government has assumed that it would likely help over 20 million borrowers and save home-owners an average of $250 per month on the mortgage payments, which could add up to $35-70 billion in savings each and every year.
HARP 3 MYREFI (Recommended Possible Future Program)
HARP refinance home loan application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes one minute and no personal details required. You can also call 800-871-2636 7 days a week.
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