The Home Affordable Refinance Program (HARP) loan would allow a large number of homeowners in Miami-Dade County to re-finance their underwater homes where it was previously out of the question. If you are one of many who qualify for the new HARP refinance program, FiveStarsMortgage.com will help you to easily assist in your mortgage. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Eligibility Prerequisites, and Features
The Making Home Affordable Program, which was created and started in late 2009, allows numerous homeowners who were previously unable to get refinancing for their mortgage loan. A result of all around decreases throughout the market and property values, home owners were bogged down spending money on more than they could afford on homes. Among the best benefits of the program was the development of the Home Affordable Refinance Program, or HARP. With this new loan refinancing approach, qualified home owners of South Miami with HARP Refinancing can usually get a lower payment on their home loan and help you save a lot of money over time.
The HARP process is for property owners with Freddie Mac or Fannie Mae backed home mortgages having a loan-to-value (LTV) ratio of greater than 80% on the mortgage loan. Because mortgages that have an LTV more than 80% are often unable to qualify for common refinancing options, the HARP program was needed to permit as many people as possible to begin saving money on their payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally gone through a number of changes to permit increased flexibility for approval. At present, the HARP program sold is called HARP 2.0 and offers more flexible qualification specifications. Below is a breakdown of the background and progression of the HARP refinance loan program:
HARP 1 (Original HARP Refinance)
The HARP 2.0 mortgage refinance loan process is providing major assistance for South Miami home owners that could not refinance their home in the past stemming from 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 essential adjustment. What this means is no more limitations on how much money a homeowner currently owes on their mortgage verses how much their house is currently worth! Florida homeowners upside-down or underwater in their mortgage will now get some assistance. The best part is, there are also a reduced amount of restrictive credit guidelines in place. Many of the other government backed refinance loan programs in the last several years have fallen short of truly supporting home owners to refinance their mortgage loan to a lower rate of interest. The current variation of the HARP mortgage program (2.0) offers the relief many South Miami homeowners have needed for so long. No matter what who your existing loan provider is (Wells Fargo, Bank of America, Citi, Chase, etc) we can assist providing your mortgage is at present Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is speculation. The main points of the program are derived from what is increasingly being reviewed but it is unknown what the eventual program will offer you or if it will even pass. The government has assumed that it would most likely help over 20 million borrowers and save home owners an average of $250 a month on their mortgage payments, which might total $35-70 billion in savings each year.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance loan application requests are being accepted now. You can click here to get started and to check your HARP mortgage eligibility. The fast application form only takes a few minutes with zero 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?