The Home Affordable Refinance Program (HARP) loan will allow a large number of homeowners in Broward County to refinance their underwater homes when it was previously not possible. If you are one of the many who are qualified for the latest HARP home refinance program, FiveStarsMortgage.com will help you to quickly help out 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 Guidelines, and Information
The Making Home Affordable Program, first created and launched in 2009, lets many homeowners who were previously helpless to get refinancing for their home loan. Being a result of all around declines throughout the market and home value decline, homeowners were having difficulty spending more than they could afford on homes. Amongst the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, approved homeowners of Pembroke Pines, FL with HARP Refinancing can get a cheaper payment for their mortgage and save yourself thousands of dollars in the long run.
The HARP program is for property owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio greater than 80% on the mortgage loan. Because home mortgages with an LTV of more than 80% are often not in a position to qualify for standard refinancing options, the HARP program was needed to allow as many people as possible to start lowering costs on their mortgage payments. As credit seekers expectations have changed since the program was implemented, the HARP program has also been subject to quite a few changes permitting more flexibility for approval. At this time, the HARP program being offered is known as HARP 2.0 and offers more flexible qualification guidelines. This is a summary of the historical past and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Refinance mortgage loan)
The HARP 2.0 mortgage refinance loan program provides essential relief for Pembroke Pines, FL home owners that did not refinance in the past stemming from diminishing house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted LTV, which is the most essential change. It indicates no more limits on how much a homeowner owes on their home loan verses how much their property is currently worth. Pembroke Pines, FL home owners upside down or under water on their mortgage can have some help. In addition, there are also less restrictive credit regulations in place. Many of the other government relief loan refinancing programs in the past have fallen short of truly supporting home-owners to refinance their mortgage loan to a lower rate of interest. The present rendition of the HARP mortgage program (2.0) provides the help many Pembroke Pines property owners have deparately needed for so long. Regardless of who your loan servicing company is (Wells Fargo, Bank of America, Chase, Citi, etc) we can provide assistance providing your home mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The important points of the program derive from what is currently being outlined but it is not known what the ultimate program offers or if it will even have the chance of passing. The federal government has assumed that it would most likely help over 20 million borrowers and save families an average of $400 per month on the monthly mortgage payments, which could add to $35-70 billion in financial benefits every year.
HARP 3 My Refi (Suggested Potential Future Program)
HARP refinance mortgage application form requests are being processed now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes a minute without any personal information ever required. You can also call 800-871-2636 7 days a week.
Are you a homeowner that does not presently have a traditional mortgage loan?