The Home Affordable Refinance Program (HARP) loan allows for a great number of home-owners in Broward County to re-finance their underwater homes when it was previously unattainable. If you are among the numerous who qualify for the newest HARP refinancing program, FiveStarsMortgage.com will help you to easily help out with your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Criteria, and Changes
The Making Home Affordable Program, which was created and launched in 2009, lets a large number of home owners who had been previously struggling to refinance their home loan. Due to the common declines in the economy and home values, home owners were trapped having to pay more than they could afford on homes. Among the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Because of this new loan refinancing program, eligible home owners of North Lauderdale with HARP Refinancing could possibly get a smaller payment for their mortgage loan and help save lots of money over time.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed home mortgages who have a loan-to-value (LTV) ratio of more than 80% on their mortgage loan. Because mortgages with an LTV of more than 80% are often not in a position to qualify for conventional loan refinancing options, the HARP program was important to let as many people as possible to begin spending less on their payments. As borrowers expectations have changed since the program began, the HARP program has also gone through quite a few alterations to allow for significantly more flexibility for approval. At present, the HARP program made available is named HARP 2.0 and gives more flexible qualification conditions. This is a summary of the background and progression of the HARP refinance program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process provides significant relief for North Lauderdale home owners that could not refinance in the past due to reducing home 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 significant modification. This suggests no more limitations on how much a home owner currently owes on their mortgage verses how much their house is currently worth. Florida home owners upside-down or underwater on their home loan will now have some relief. Also, there are also fewer restricted credit guidelines in place. Many of the other government home refinance programs in the past have fallen short of honestly supporting homeowners to refinance their mortgage to a lower rate of interest. The current rendition of the HARP mortgage program (2.0) offers the relief many North Lauderdale property owners have needed for such a long time. Regardless of who your actual loan provider is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help as long as your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are derived from what is increasingly being discussed but it is not known what the finished program will offer or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 30 million borrowers and save homeowners an average of $400 a month on the monthly mortgage payments, which might add up to $35-70 billion in cost savings every year.
HARP 3.0 My Refi (Planned Potential Program)
HARP refinance mortgage application form requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes one minute with zero personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage loan?