The Home Affordable Refinance Program (HARP) loan helps countless home-owners in Broward County to refinance their underwater homes when it was previously unattainable. If you are one of the several who are qualified for the newest HARP refinancing program, FiveStarsMortgage.com can assist you to quickly assist in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Plan Criteria, and Enhancements
The Making Home Affordable Program, which was created and initiated in late 2009, allows a great number of home owners who were previously unable to refinance their mortgage loan. Because of complete declines in the economy and property values, home owners were cornered spending money on more than they could afford on their homes. Amongst the primary benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing approach, qualified residents of Southwest Ranches, FL with HARP Refinancing can usually get a more affordable payment for their home and save yourself thousands of dollars over the years.
The HARP system is for homeowners with Freddie Mac or Fannie Mae backed home loans which have a loan-to-value (LTV) ratio of more than 80% on their home loan. Because mortgages that have an LTV of over 80% are often not able to qualify for traditional mortgage refinancing options, the HARP program was needed to permit as many people as possible to begin spending less on their payments. As credit seekers expectations have changed since the program began, the HARP program has also been subject to quite a few changes to allow added flexibility for acceptance. Currently, the HARP program being offered is named HARP 2.0 and gives more flexible qualification specifications. This is a breakdown of the background and expansion of the HARP refinance loan program:
HARP 1 (Original HARP Refinance loan)
The HARP 2.0 mortgage refinance loan process can give essential assistance for Southwest Ranches home owners that were not able to refinance in the past caused by declining house values. The newest version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unlimited loan to value, which is the most prominent adjustment. This suggests no more limits on how much a home owner owes on their mortgage loan verses how much their home is currently worth! Southwest Ranches homeowners upside-down or under water on their mortgage loan can have some relief. Also, there are fewer restricted credit guidelines implemented. Many of the other government relief home refinance programs in the last several years have fallen short of actually helping home owners to refinance their mortgage to a lower interest rate. The present rendition of the HARP mortgage program (2.0) provides the relief many Southwest Ranches, FL homeowners have deparately needed for such a long time. Despite who your loan provider is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help as long as your mortgage loan is currently 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 are derived from what is currently being reviewed but it is not known what the eventual program will offer 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 home owners an average of $350 a month on the payments, that would add to $35-70 billion in savings annually.
HARP 3.0 My Refi (Projected Possible Future Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP mortgage loan eligibility. The quick application form only takes one minute and no personal information ever required. You can also call 800-871-2636 7 days a week.
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