HARP 3.0 – Another Possible Bill that could help

HARP 3.0 may come from the House of Representatives.  Rep. Peter Welch and 8 Co-Sponsors drafted a bill a couple of weeks ago to expand the HARP program.  The Home Affordable Refinance Program is in full swing, but has left some homeowners on the outside looking in on this very helpful program.   The USDA program is one of the few government stimulus programs that are for home owners that are paying on-time.  Check to see if you qualify for a usda home loan. Sponsored exclusively by Fannie Mae and Freddie Mac, the entities are actually shoring up risk that they already have and not cost the taxpayer on this one.  Not sure if you can take advantage?  Click below to start the conversation.

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The bill is H.R. 736  Here is some of the actual text below.

In this Act–
(1) the term “current borrower” means a mortgagor who is
current on the subject mortgage at the time of the refinancing,
and has had no late payments in the preceding 6 months and not
more than 1 late payment in the preceding 12 months;
(2) the term “eligible mortgage” means any mortgage,
regardless of current loan-to-value, that–
(A) is an existing first mortgage that was made for
purchase of, or refinancing of another first mortgage
on, a 1- to 4-family dwelling, including a condominium
or a share in a cooperative ownership housing
(B) was originated or refinanced on or before May
31, 2009, unless that date is extended by the Director
under FHFA’s preexisting authority to do so;
(C) is owned or guaranteed by an enterprise; and
(D) with respect to which, the mortgagor is a
current borrower;
(3) the term “enterprise” means the Federal National
Mortgage Association and the Federal Home Loan Mortgage
(4) the terms “FHFA” and “Director” mean the Federal
Housing Finance Agency and the Director thereof, respectively;

READ MORE: http://beta.congress.gov/bill/113th-congress/house-bill/736/text

You may not need HARP 3.0 – HARP 2.0 may work just fine….  Why not check it out?

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HARP 3.0 Guidelines Expected In Menendez-Boxer Bill

Additional HARP 3.0 Guidelines Expected In Menendez-Boxer Bill

The Menendez-Boxer Bill makes few other changes to the existing HARP 2.0 program guidelines. Except for an extension date, qualification appears identical.

The Responsible Homeowner Refinancing Act of 2013 (HARP 3.0) would be available to homeowners with :

  1. A mortgage currently owned or guaranteed by Fannie Mae or Freddie Mac
  2. A mortgage securitized by Fannie Mae or Freddie Mac on or before May 31, 2009
  3. A mortgage not previously refinanced via HARP, except for Fannie/Freddie loans refinanced under HARP between March/May 2009
  4. A mortgage with a loan-to-value ratio of 80% or greater
  5. A mortgage which is current and with perfect payment history dating back 6 months (and one 30 day late in the previous 12)

Furthermore, the bill proposes to extend the HARP expiration by one calendar year to December 1, 2014.

Check Your Personal HARP Eligibility

For today’s HARP homeowners, the Responsible Homeowner Refinancing Act of 2013 would make the refinance process faster, smoother, and less costly and with the typical HARP homeowner lowering mortgage rates 1.8 percentage points, the savings would be large.

Check your HARP eligibility, and today’s program rates. It’s free and there’s no social security number required.

Do you need to wait for HARP 3.0?

You may not need to wait.  We have many programs that may help you right now under HARP 2.0 and our other in-house programs.

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HARP 3.0 Progress on the Home Affordable Refinance Program?

HARP 3.0 Update – The Responsible Homeowner Refinancing Act of 2013 proposes to eliminate certain closing costs, including the cost of home appraisal, and to make it simpler for homeowners to “change servicers” via the Home Affordable Refinance Program (HARP).

Sen. Menendez and Sen. Boxer have re-drafted their landmark refinance bill meant to help underwater U.S. homeowners get access to today’s low mortgage rates.

HARP 3.0 : No Job Verification, No Income Verification?

The Home Affordable Refinance Program (HARP) was first launched in February 2009.  It gave homeowners whose mortgages were securitized by Fannie Mae and Freddie Mac, and whose homes had lost value since the housing market peak, the ability to refinance into lower interest rates without incurring new private mortgage insurance (PMI) costs.

Via HARP and HARP 2.0,  a homeowner who had put 20% down on a home, then subsequently lost that equity could refinance without requiring private mortgage insurance (PMI) and that savings was delivered to the homeowner.

In 2011, the Home Affordable Refinance Program was expanded into the program we now call HARP 2.0.

HARP 2.0 eliminated the original HARP’s 125% maximum LTV limitation, which allowed for unlimited loan-to-value, helping homeowners get access to HARP in hard-hit states such as Florida and Nevada, where home values had dropped by fifty percent or more.

To further help such underwater homeowners, the new Home Affordable Refinance Program added loan fee caps for homeowners whose mortgages exceeded a certain loan-to-value; and for homeowners refinancing into a 15-year fixed rate loan.

In roughly 3 years, the original HARP reached one million U.S. households. It took HARP 2.0 just eight months to do the same.  The word is getting out and hopefully HARP 3.0 will arrive while rates are low.

In an effort to reach even more U.S. homeowners, the Responsible Homeowner Refinancing Act of 2013 attempts to go further.

Do you need HARP 3.0?

You may not need to wait.  We have many programs that may help you right now under HARP 2.0 and our other in-house programs.

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3 Steps To Closing a HARP 2.0 Refinance Loan

STEP 1:  Determine who owns your loan.  The HARP Program is for those loans backed by FannieMae or FreddieMac only.  (if unsure use the look-up buttons to see.) If you are owned by Freddie or Fannie we
 can proceed to Step 2
STEP 2:  Contact one of our HARP Loan Specialists.  They will analyze your specific situation and offer you a custom savings scenario in writing that details your new interest rate, HARP credit, & new monthly savings amount.

STEP 3:  Move forward with application.  Our HARP Loan Specialists will overnight a loan package for you to review and sign.  We will provide an overnight label to send it back.  Closing/Escrow will take place wherever it is most conveinent for you, even your home or office.

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HARP 2.0 – Home Affordable Refinance Program

HARP Loan updates went into effect in early 2012 that expanded the program’s guidelines to reach responsible homeowners who owe more than 125% of their property’s value. You may be able to qualify making less money than before too.

FannieMae and FreddieMac have over 6 million loans that fit that criteria and removing the road blocks many of these homeowners have faced in the past. A HARP loan will make it easier for millions of people to take advantage of great rates, save money on their monthly mortgage payments. A HARP loan is a way to refinance into a more stable loan.  If you do not have PMI now you will not have PMI on your new HARP loan.  Your HARP loan will have cost saving benefits and will not be heavy on fees.
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