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Joe Metzler, MLO. NMLS #274132

We may seen HARP 3.0 in 2014

Thursday, December 12, 2013 - Article by: Joe Metzler, MLO. NMLS #274132 - Cambria Mortgage - Message

A new evolution of the HARP refinance program MAY soon be upon us.

HARP 3.0 looks like it's going to gain headway and make it's way to the streets since Mel Watt is the new kingpin of FHFA.

HARP loans in MN (Home Affordable Refinance Program) have been one of the few programs to really assist homeowners since the real estate market collapse. The program allows homeowners who has a loan owned by Fannie Mae of Freddie Mac to refinance to today's lower rates, even if they've lost value on the home, or are actually underwater on their loan.

Since the start of HARP back in 2009, those without a Fannie Mae of Freddie Mac loan have been out of luck, but that MAY be changing soon.

Under the current HARP refinance rules:You may be eligible for a current HARP 2.0 refinance if:

  • The mortgage must now be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have closed with your lender on or before May 31, 2009.
  • Check for ownership with: Fannie Mae or Freddie Mac
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

Stay tuned... We'll pass the word if and when HARP 3.0 becomes reality..

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