Harp Mortgage

What is HARP 3.0?

Through 2013 the need for ultra-high Loan to Value loans has decreased thanks to the rising home values throughout the US. As a result there have been fewer requests for HARP 2 loans as compared to 2012.

As a result of increasing home values, the HARP 2.0 program's reach is becoming more limited due to the fact that Home Affordable Refinance Program (HARP) does not allow for loans with loan-to-values below 80%.

Although this is good news for many home owners, there is still a large need to help mortgage holders whos mortgages are not backed by Fannie Mae and Freddic Mac. Congress is currently working on changes to the HARP program that will allow just that. The goal of these upcoming changes is to increse the number of HARP-eligible households.

The proposed changes to the HARP 2.0 program may include extending the Home Affordable Refinance Program to mortgages not backed by Fannie Mae or Freddie Mac; changing the HARP mortgage eligibility cutoff date sometime into 2011; and allowing homeowners who have used the HARP program to refinance a loan which has already been HARP-refinanced.

Currently here is not offically stated timetable for the start of the HARP 3.0 program, but it widely expected that it will happen in late 2013.

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