The Home Affordable Refinance Program (HARP) loan allows for a large number of home-owners in Miami-Dade County to refinance their under water homes when it was previously not possible. If you are one of many who qualify for the latest HARP loan refinancing program, FiveStarsMortgage.com can help you to quickly help you with the 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 Criteria, and Updates
The Making Home Affordable Program, which was created and launched in 2009, allows for a large number of homeowners who were previously unable to refinance their mortgage loan. Stemming from complete decreases in the economy and home value decline, homeowners were cornered spending 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. Utilizing this new refinancing approach, approved home owners of North Miami with HARP Refinancing may get a reduced payment for their mortgage and save yourself lots of money over the long haul.
The HARP process is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of over 80% on their home loan. Because home mortgages with an LTV more than 80% are often unable to qualify for conventional loan refinancing options, the HARP program was essential to let as many people as possible to start spending less on their monthly mortgage payments. As borrowers needs have changed since the program was implemented, the HARP program has also been through quite a few improvements to permit significantly more flexibility for acceptance. Presently, the HARP program made available is called HARP 2.0 and provides more flexible qualification prerequisites. Below is a review of the background and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process gives substantial relief for North Miami, FL home owners that could not refinance their home in the past because of 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 unrestricted LTV, which is the most critical modification. This means no more restrictions on how much money a home owner owes on their mortgage loan vs. how much money their home is currently worth! North Miami homeowners upside down or underwater in their mortgage loan will get some help. Moreover, there are also fewer restrictive credit regulations set up. Most of the so called government relief refinance programs in the past have fallen short of actually aiding homeowners to refinance their home loan to a lower interest rate. The present edition of the HARP mortgage program (2.0) offers the relief many North Miami property owners have needed for too long. Whatever who your existing loan servicing company is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist so long as 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 speculation. The important points of the program derive from what is increasingly being spoken about but it is not known what the ultimate program can provide or if it will even pass. The government has assumed that it would probably help over 30 million borrowers and save homeowners an average of $300 per month on mortgage payments, that can add up to $35-70 billion in savings every year.
HARP 3 MYREFI (Suggested Possible Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage eligibility. The fast application only takes one minute without any personal data required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not presently have a conventional mortgage loan?