Home Affordable Refinance Program (HARP 3.0) Coming In 2013

he Home Affordable Refinance Program (HARP) has helped millions of homeowners take advantage of today’s lowest refinance rates while leaving millions more out in the cold. With the election in full swing it’s doubtful that changes to HARP 2.0 will materialize before 2013. Here are several changes people are hoping the New Year will bring to this government refinance program with HARP 3.0.

Home Affordable Refinance Program Update Coming

HARP 2.0 will get a refresh before the existing program is set to expire at the end of 2013. As it exists today the Home Affordable Refinance Program has three basic requirements.

In order to be HARP 2.0 eligible you must meet the following requirements AND can qualify only once:

These requirements might seem easy to meet; however, almost a third of underwater homeowners have privately held mortgage loans and don’t meet the Fannie Mae or Freddie Mac requirement. If your mortgage isn’t backed by Fannie or Freddie before June 1st, 2009 there is absolutely nothing you can do to qualify.

That’s where HARP 3.0 comes in. The best thing Congress and 2013’s elected President could do is eliminate the requirement that Fannie Mae and Freddie Mac own your mortgage. With millions of HARP 2.0 ineligible homeowners paying six percent or more on their home loans the potential savings is significant.

One of the ideas behind HARP is that by allowing millions of underwater homeowners to refinance with today’s best mortgage lenders it will reduce their payments freeing up cash to stimulate the economy.

Refinance Again Under HARP 3.0?

There are several steps which you must go through to determine if you qualify for mortgage HARP 2.0 help:

June 1st 2009 Fannie Mae/Freddie Mac Requirement

If HARP 3.0 doesn’t remove the Fannie Mae, Freddie Mac requirement entirely it could remove the cut-off date. This requirement was intended to limit risk for lenders by requiring government backing but the cut-off date does little more than disqualify millions of homeowners.

Ideally HARP 3.0 would allow anyone to qualify for no cash back mortgage refinancing of their home at today’s lowest refinance rates. The program already limits risks and offers enough lender incentives that they have nothing to lose.

Get Started To Apply For A HARP Refinance Loan Today! Credit No Issues!

Reference: http://www.refiadvisor.com/pblog/announcements/home-affordable-refinance-program-harp-3-0-changes-coming-in-2013/