Broadview Mortgage Optimistic About President Obama's HARP 3.0 Comments
Orange, California (PRWEB) September 04, 2013 -- President Obama has been talking up housing solutions. Zillow CEO Spencer Rascoff moderated a 30-minute segment where the President answered questions from homeowners and homebuyers.
About 20 minutes into the interview, President Obama says that passing the legislation is a "no-brainer". Broadview Mortgage Branch Manager Scott Schang says that he wholeheartedly agrees. "There are so many people that would benefit from passing a revision to HARP, chief among those are homeowners whose mortgage is not owned by Fannie Mae or Freddie Mac."
About 30% of the questions focused on the rumors of a HARP 3 underwater refinance program for those that don’t qualify for HARP 2. The question remains, what exactly would HARP 3 entail?
- Allow non-servicing lenders to use “streamlined guidelines” to reduce documentation and cost to consumer.
Remove fannie mae and freddie mac owned requirement to allow any eligible homeowner to refinance
- Further streamline qualifying process making on-time payment history primary factor for eligibility.
- Remove requirement for income, appraisal, assets – eligibility depends on payment history.
As of September 4th, 2013 the official Senate website for S.249 states that the likelihood of it being passed is low.
Chris Apodaca, Broadview Mortgage, http://www.FindMyWayHome.com, +1 (714) 627-4056, [email protected]
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