The Home Affordable Refinance Program (HARP) loan allows a great number of homeowners in Broward County to refinance their underwater homes where it was previously not possible. If you are among the many who are qualified for the latest HARP refinancing program, FiveStarsMortgage.com can help you to quickly help out with the 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 Requirements, and Information
The Making Home Affordable Program, first created and initiated in 2009, allows many home owners who had been previously unable to get refinancing for their mortgage loan. A result of general decreases throughout the market and property value decline, home owners were cornered spending more than they can afford on their homes. One of the best benefits of the program was the roll-out of the Home Affordable Refinance Program, or HARP. Because of this new refinancing program, approved homeowners of Sunrise with HARP Refinancing may get a cheaper payment on their home and help save lots of money over time.
The HARP approach is for homeowners with Freddie Mac or Fannie Mae backed home mortgages that have a loan-to-value (LTV) ratio in excess of 80% on the mortgage. Because mortgage loans with an LTV of over 80% are often not in a position to qualify for traditional refinancing options, the HARP program was important to let as many people as possible to begin lowering costs on their monthly mortgage payments. As borrowers demands have changed since the program was implemented, the HARP program has additionally undergone quite a few improvements to enable increased flexibility for approval. Presently, the HARP program being offered is known as HARP 2.0 and provides more flexible qualification requirements. Below is a review of the historical past and expansion of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan program offers significant relief for Sunrise home owners that were not able to refinance in the past due to falling house values. The new 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 significant modification. This suggests no more restrictions on how much money a homeowner owes on their home loan verses how much their home is currently worth. Sunrise, FL home-owners upside down or underwater in their mortgage will have some assistance. Also, there are also a reduced amount of restricted credit regulations in place. Many of the other government relief home refinance programs in the last several years have fallen short of actually supporting home-owners to refinance their mortgage to a lower interest rate. The modern variation of the HARP mortgage program (2.0) offers the help many Sunrise property owners have needed for way too long. Whatever who your existing loan servicer is (Wells Fargo, Bank of America, Citi, Chase, etc) we can help you 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 specified is simply hypothesis. The specifics of the program derive from what is currently being outlined but it is unknown what the eventual program will provide or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save families an average of $200 a month on payments, that would total $35-70 billion in financial benefits each year.
HARP 3.0 My Refi (Suggested Future Program)
HARP refinance loan application requests are being processed now. You can click here to get started and to check your HARP mortgage eligibility. The short application form only takes a moment and no personal details required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage loan?