HARP 3.0

Published January 28, 2012.

What is HARP 3.0?

Home Affordable Refinance Program for non Fannie Mae or Freddie Mac borrowers.

The Obama administration may be unveiling  a new variation of  the  HARP program as early as next week.

On Tuesday, President Obama called on Congress to pass legislation that will give all borrowers who are current on their mortgages the opportunity to refinance.

The cost of this proposal will be fully offset by the President’s Financial Crisis Responsibility Fee
HUD Secretary Shaun Donovan

The new proposed HARP 3.0  builds off the momentum HARP and HARP 2.0 program which was revamped last year to to help an additional couple million underwater home owners in the United States.  Guidelines Such as Loan to value, Income requirement, and in home appraisals are being overlooked so that home owners may refinance at today’s low interest rates.

The new program should have all the same perks with out requiring your loan being owned by Fannie Mae or Freddie Mac.

 

The Presidents Plan

Trackback from your site.

Comments (9)

  • William
    February 6, 2012 at 8:21 pm |

    What about having a VA 1st at 4.5 and a 2nd at 9.49 with a private investor group. Can loans be combined into one low interest loan? Problem is that new banks say they need a copy of a subordination agreement that was signed but neither 1st or second will give it to me. What to do to force them. All I get is a runaround from both.

    Reply
  • Dan
    February 4, 2012 at 12:51 pm |

    What about a loan that was closed on after June 1, 2009?

    Reply
  • candye13
    February 3, 2012 at 9:18 pm |

    i was told by bb&t that they would not refinance our loan with the harp program, even though it is owned by freddie mac, because it was a CHIP loan. Is this a valid reason to deny us?

    Reply
  • Ron J
    February 2, 2012 at 4:42 pm |

    I also had BOA and now M&T. House 100K owe 174K Qualify for harp.
    Called M&T was told to call back in March. Can the banks charge any interest rates that they want and if so, can I negotiate with other lenders?

    Reply
    • Sam
      February 3, 2012 at 5:44 am |

      The HARP mortgage program is open to all lenders, which provides competition in the market so shop around.

      Reply
  • Kristie
    January 31, 2012 at 3:39 pm |

    Tina- ask your lender–there is a VA streamline refinance available now….check into it…

    Reply
  • schip
    January 30, 2012 at 4:17 pm |

    i sure hope this is true i am frustrated with of all the prog for fannie and freddy and none for FHA.

    Reply
  • Tina
    January 29, 2012 at 12:13 am |

    We are very interested in the HARP 3.0 program if our loan does not have to be owned by Fannie Mae or Freddie Mac but, will we be eligible if our loan is owned by the VA?

    Reply
  • dave
    January 28, 2012 at 12:24 pm |

    i really hope that they will do this

    Reply

Leave a comment