The Home Affordable Refinance Program (HARP) loan will permit many home owners in Broward County to re-finance their underwater homes when it was previously impossible. If you are one of the numerous who qualify for the newest HARP home refinance program, FiveStarsMortgage.com can help you to efficiently help you with your 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 Criteria, and Enhancements
The Making Home Affordable Program, which was created and started in 2009, enables numerous homeowners who were previously helpless to refinance their mortgage loan. As a consequence of all round declines in the economy and home values, homeowners were cornered having to pay more than they could afford on homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, eligible home owners of Pembroke Park with HARP Refinancing may get a smaller payment for their home loan and help save thousands of dollars in the long run.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio greater than 80% on the mortgage. Because mortgage loans with an LTV more than 80% are often unable to qualify for conventional loan refinancing options, the HARP program was necessary to let as many people as possible to start lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has also undergone quite a few variations to enable much more flexibility for acceptance. Right now, the HARP program being offered is known as HARP 2.0 and offers more flexible qualification specifications. Below is a review of the historical past and progression of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan process gives critical assistance for Pembroke Park, FL home owners that could not refinance in the past stemming from dropping house values. The latest 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 prominent change. This indicates no more restrictions on how much a homeowner owes on their mortgage loan verses how much their home is currently worth! Pembroke Park, FL homeowners upside-down or underwater with their mortgage can have some relief. In addition, there are fewer restrictive credit guidelines implemented. Most of the other government relief loan refinancing programs in the past have fallen short of truly aiding homeowners to refinance their mortgage to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) offers the help many Pembroke Park home owners have deparately needed for too long. It does not matter who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we can help providing your home mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The specifics of the program derive from what is currently being discussed but it is unknown what the ultimate program can provide or if it will even pass through Government red tape. The government has assumed that it would likely help over 30 million borrowers and save families an average of $350 per month on their monthly mortgage payments, that could add to $35-70 billion in savings every year.
HARP 3.0 My Refi (Suggested Potential Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application only takes one minute with no 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?