San Diego, CA (PRWEB) March 09, 2014
LoanLove.com is a borrower advice website that provides up to date and in depth information in a format that is valuable to the most experienced home owners while still being accessible to those who are just starting out with applying for their first home purchase loan. The website, which has quickly become a trusted destination for current news and expert loan advice, empowers homeowners with first class knowledge, valuable resources, and connections to top rated industry professionals. A recent article from the loan advice website takes a look at the proposed new HARP update and gives some information that might help answer the question, “Will HARP 3.0 pass in 2014?”
The article explains, “The current HARP program, known as HARP 2.0, targets homeowners who are up-to-date on their mortgage payments, but have been unable to leave predatory mortgage situations behind. Their home’s value plummeted during the economic crisis and now they are unable to secure traditional refinancing. The HARP program’s goal is to help such homeowners achieve a new, more affordable and stable mortgage—something that had seemed far out of reach before the program came along.”
Loan Love also explains that the current iteration of HARP is an update that fixed many of the problems faced by the original program. However, HARP 2.0 is still not effective as it should be. The article states,
“While HARP has helped over 3 million home owners, it is not without its shortcomings. First, even when borrowers successfully met Fannie Mae and Freddie Mac guidelines, they often found it difficult to locate a lender who would approve a HARP 2.0 loan. Second, if a loan was not owned by Fannie Mae or Freddie Mac, it did not qualify for the current HARP program at all. These two significant challenges have fueled support for creating a new and improved version of HARP legislation. There are some who believe this would best be done through an entirely new piece of legislation, or HARP 3.0, that would target borrowers with loans originating before June 1, 2009, and not be constrained to working only with loans owned by Fannie Mae or Freddie Mac.”
Because of this, there have been many proposals for a new HARP update – a HARP 3.0. However, this has been easier said than done so far. The Loan Love article explains,
“With the changing of the guard at the Federal Housing Finance Agency, there had been renewed hope that there will be a stronger push for some type of HARP 3.0 in 2014. The new director, Mel Watt, was expected to be more aggressive in pursuing HARP 3.0 program proposals. However, in remarks made January 22, Michael Stegman, the top housing policy advisor at the Treasury Department, said his Department believed there should be no change in the HARP eligibility date.”
For more information on a possible HARP update, please read the full article at LoanLove.com.