The Home Affordable Refinance Program (HARP) loan makes it possible for a large number of home owners in Miami-Dade County to refinance their under water homes where it was previously not possible. If you are among the many who are qualified for the newest HARP home refinance program, FiveStarsMortgage.com can help you to quickly help you with your home 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 Enhancements
The Making Home Affordable Program, which was created and started in late 2009, allows numerous homeowners who were previously helpless to get refinancing for their mortgage loan. On account of basic declines throughout the market and property value decline, homeowners were trapped spending money on more than they could afford on homes. Amongst the chief benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, qualified residents of Pinecrest with HARP Refinancing can get a smaller payment on their mortgage loan and save a lot of money in the long run.
The HARP process is for home-owners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio of greater than 80% on their mortgage. Because home mortgages that have an LTV of more than 80% are often not able to qualify for common refinancing options, the HARP program was needed to allow for as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers needs have changed since the program began, the HARP program has additionally been through a number of alterations to permit a bit more flexibility for acceptance. At present, the HARP program made available is named HARP 2.0 and provides more flexible qualification conditions. This is the summary of the historical past and continuing growth of the HARP refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 home refinance loan program can give sizeable relief for Pinecrest home owners that were not able to refinance their home in the past caused by diminishing home 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 modification. What this means is no more limits on how much money a home owner currently owes on their home verses how much money their house is currently worth. Pinecrest home owners upside-down or under water with their mortgage loan will have some assistance. In addition to this, there are a reduced amount of restricted credit guidelines installed. Many of the other government relief refinance programs in the past have fallen short of honestly assisting home owners to refinance their home loan to a lower rate of interest. The modern variation of the HARP mortgage program (2.0) offers the relief many Pinecrest homeowners have deparately needed for too long. Irrespective of who your loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help providing your mortgage loan is at present Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information specified is simply speculation. The details of the program are derived from what is currently being spoken about but it is unknown what the finalized program may offer or if it will even pass through Government red tape. The federal government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $250 per month on the monthly payments, that can add to $35-70 billion in reductions each and every year.
HARP 3.0 My Refi (Suggested Potential Future Program)
HARP refinance home loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a minute without any personal information required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage loan?