Forgotten Your Password?

Need to Register?

Harp 3.0The House presented the HARP revision in a bill “The Responsible Homeowner Refinancing Act of 2013”. Congress has not yet approved HARP 3. Obama advised congress to pass the bill this year during his public address in August. #MyRefi is Obama’s social media campaign to intrigue people towards demanding congress to broaden the HARP refinance program. Learn more at  Visual learner?
Click here > HARP 3.0 Infographic

Home Affordable Refinance Program 

The Home Affordable Refinance Program (HARP) is a government-insured refinance program, created in 2009 as a stimulus program to encourage economic recovery following the housing market collapse. The original program had intended to aid underwater homeowners and prevent loan default.

To address this issue, HARP allowed lenders to be more lenient and considerate of the borrower's loan-to-value ratio (LTV), benefiting over 1 million homeowners and maintaing economic stability.

In 2012, the HARP program was updated through revision, aka HARP 2.0. Loan-to-value requirements were discarded, as well as requirements regarding proof of income, proof of assets and a minimum credit score. HARP 2.0 refinances even eliminated the need for a home appraisal.

3rd Times A Charm

This is not the first HARP 3 bill proposed. The last bill denied was the Mendez-Boxer Responsible Homeowners Refinancing Act of 2012. HARP 3.0 will be approved this year, according to our Live Poll by mortgage professionals. Stay tuned for up to date progress.

What Is Holding HARP 3.0 Back?

  • Prioritization of more important bills.
  • 6 step process to receive enactment.
  • Lack of Republican support in congress.
  • Distaste for the bill by investors and banks.
  • Technical details as to funding and loan guarantee.
  • Defining the underwriting policy and eligibility requirements.

How Will HARP 3 Help Me?

  • Remove the June 1, 2009 eligibility cut-off date.
  • Allow more than one refinance through HARP.
  • Allow one late payment within the 6 months prior.
  • Decrease required borrower closing costs.
  • Ease or remove employment and income verification.
  • Increased loan limits will allow jumbo loan options

Related Searches:

Didn't find the answer you wanted? Ask one of your own.

Get an answer
  • temp
    Renovation Loan Showdown: FHA 203k Versus Fannie Mae HomeStyle View More
  • temp
    Should I Use My Realtor's Lender? View More
  • temp
    3 Reasons You Should Stop Watching Mortgage Rates Like a Hawk View More
  • temp
    Understanding Second Homes Versus Investment Properties View More
  • temp
    How to Get a Good Mortgage with a Less Than Perfect Application View More
  • temp
    10 of the Most Common Mortgage Questions, Answered View More
  • temp
    Where to Find Manufactured Home Loans View More
  • temp
    Everything You Need To Know About Government Home Loans View More
  • temp
    How to Get Rid of PMI View More
  • temp
    How Is The Housing Market? And Ways Borrowers Can Recover Before Recovery View More
  • temp
    What Mortgage Can I Afford? View More
  • temp
    Should I Get a Mortgage Pre-Qualification or Pre-Approval? View More
  • temp
    Tips for Keeping Cool During Mortgage Closing View More
  • temp
    Where Borrowers Can Find Mortgage Assistance Programs View More
  • temp
    Father's Day Gifts for the Finance Enthusiast View More

Related Articles

Subscribe to our news feed.