The Home Affordable Refinance Program (HARP) loan helps countless homeowners in Miami-Dade County to re-finance their under water homes where it was previously not possible. If you are one of the numerous who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com will help you to easily be of assistance to you with your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Guidelines, and Features
The Making Home Affordable Program, which was created and launched in late 2009, allows a great number of homeowners who had been previously unable to refinance their home loan. A consequence of complete declines in the economy and property value decline, homeowners were having trouble spending money on more than they can afford on their homes. Among the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Because of this new mortgage refinancing approach, qualified homeowners of North Miami Beach, FL with HARP Refinancing may get a cheaper payment for their home and help you save lots of money over time.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of greater than 80% on the home loan. Because mortgages with an LTV of more than 80% are often unable to qualify for common refinancing options, the HARP program was needed to allow as many people as possible to start lowering costs on their payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through some modifications to allow for a lot more flexibility for approval. Right now, the HARP program made available is named HARP 2.0 and gives more flexible qualification standards. Below is a breakdown of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process offers substantial relief for North Miami Beach, FL home owners that could not refinance in the past stemming from decreasing house values. The new 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 alteration. What this means is no more limits on how much money a home owner currently owes on their mortgage loan verses how much money their house is currently worth. Florida homeowners upside-down or underwater with their home loan will now have some help. In addition to this, there are a reduced amount of restrictive credit regulations set up. Most of the so called government loan refinancing programs in the last several years have fallen short of honestly supporting homeowners to refinance their home mortgage to a lower rate of interest. The latest edition of the HARP mortgage program (2.0) provides the help many North Miami Beach home owners have deparately needed for way too long. It does not matter who your existing loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can assist on condition that your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are derived from what is currently being spoken about but it is unknown what the finalized program will give you 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 home owners an average of $200 per month on their payments, that may add up to $35-70 billion in savings yearly.
HARP 3 My Refi (Projected Potential Future Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP loan eligibility. The fast application form only takes a minute with zero personal information required. You can also call 800-871-2636 7 days a week.
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