The Home Affordable Refinance Program (HARP) loan allows a large number of homeowners in Miami-Dade County to refinance their underwater homes when it was previously unachievable. If you are among the numerous who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com can help you to quickly assist in your loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Prerequisites, and Features
The Making Home Affordable Program, which was created and launched in 2009, allows for many homeowners who had been previously unable to get refinancing for their mortgage loan. Because of all round decreases throughout the market and property value decline, home owners were having problems having to pay more than they could afford on homes. Among the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing program, eligible homeowners of Opa-Locka with HARP Refinancing can get a decreased payment for their home and save yourself lots of money in the long term.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of over 80% on their home loan. Because mortgages with an LTV more than 80% are often not able to qualify for typical mortgage refinancing options, the HARP program was necessary to let as many people as possible to start spending less on their monthly mortgage payments. As borrowers expectations have changed since the program began, the HARP program has additionally been through quite a few changes to allow for added flexibility for approval. At present, the HARP program sold is referred to as HARP 2.0 and offers more flexible qualification specifications. Below is a review of the historical past and continuing growth of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 home refinance loan process offers serious relief for Opa-Locka home owners that were not able to refinance their home in the past caused by shrinking 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 vital modification. This simply means no more restrictions on how much money a home owner currently owes on their home loan verses how much money their house is currently worth. Opa-Locka, FL home-owners upside-down or underwater in their mortgage will have some relief. Also, there are also a reduced amount of restricted credit regulations in place. Most of the so called government backed refinance programs in the past have fallen short of truly assisting home owners to refinance their home loan to a lower interest rate. The latest version of the HARP mortgage program (2.0) offers the help many Opa-Locka, FL home owners have deparately needed for so long. No matter what who your current loan servicing company is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help you as long as your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information discussed is simply hypothesis. The specifics of the program are based upon what is currently being outlined but it is unknown what the finished program offers or if it will even pass. The government has assumed that it would most likely help over 30 million borrowers and save home owners an average of $300 per month on their mortgage payments, that can add to $35-70 billion in savings each and every year.
HARP 3 MYREFI (Proposed Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application only takes a moment with no personal details ever required. You can also call 800-871-2636 7 days a week.
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