HARP (Home Affordable Refinance Program) has been one of the most effective and efficient government loan programs ever implemented. Created in March 2009 by the Federal Housing Finance Agency it was designed to help borrower with little or no equity in their homes. Since then, it has help nearly three million homeowners refinance their loans at lower interest rates.

The HARP program helped stabilize neighborhoods. Instead of "walking away", homeowners were able to refinance and lower their monthly payment and stay in their home.

However, there are still plenty of homeowners who could still benefit from the program and they are stuck waiting for HARP 3.0. There are two ways that the HARP program could help these homeowners.

• Expand the program for non-Fannie Mae and Freddie Mac loans
• Changing the May 31, 2009 HARP loan eligibility cutoff date

Mel Watt, recently sworn in as Director of the Federal Housing Finance Agency, hasn't made any promises and his statements have been guarded but he has often been pro-consumer and some experts think he might further expand the HARP program.

HARP is a program that has been talked about for months and could potentially reach millions of additional households, and may even allow current HARP homeowners refinance a second time.

If you are one of the many homeowners who would benefit from refinancing to today's lower rates, contact your Senators and Representatives. Senator Merkley of Oregon has advanced the idea of HARP 3.0. If your Senators and Representatives hear from you on this subject, this bill might make it out of Congress. Click here to find your Representatives and your Senator.

HARP 3.0 would not only be a boost to the U.S. economy by giving consumers more disposable income which in turn helps to keep job growth strong. I hope you will not only contact Congress but that you will also sign the Petition for HARP 3.0.