HARP 3.0 Program 2014 – Loan Love Takes A Look At Potential Overhaul In The Refinance Program

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A new guide from LoanLove.com discusses the possibility of HARP 3.0 getting passed in 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. Recently featured on the loan advice website is a new article that delves into the new HARP update and provides insight to readers on how the HARP 3.0 Program in 2014 will affect their lives and loan borrowing plans.

This newly featured article, titled “Will Harp 3.0 Legislation Pass In 2014? (Millions Anxiously Await)” begins by saying: “Home values have continued to rise, but there are still millions of homeowners unable to refinance because their properties lost too much value during the housing market meltdown of a few years ago.” However foreboding this may sound, the Loan Love article states that loan borrowers can find comfort in the form of one the government’s housing programs called the Home Affordable Refinance Program, otherwise known as HARP.

As it stands, the HARP program (currently at version 2.0) devised to help homeowners who have been consistently on time with their mortgage payments but due to mortgage loan pitfalls and snares are unable to overcome their mortgage loan difficulties. In combination with their homes’ financial worth taking a nose dive, homeowners may be faced with difficulty finding the means to refinance on their own. To help homeowners get back on their feet, the HARP program is intended to help borrowers find a more suitable loan for their home refinancing circumstances.

Although initially not meeting expectations, the HARP program is still considered a work in progress. The introduction of HARP version 2.0 has given an approximated 3 million homeowners the ability to refinance their homes better, with Fannie Mae reports showing that borrowers save an average of $328 a month on mortgage payments. The article provides a rundown of requirements needed before being eligible for the HARP refinancing program.

However, the HARP program is not without its weak points. For instance, even when following all the Freddie Mac and Fannie Mae guidelines, borrowers may still find it difficult to locate a loan lender who will approve a HARP 2.0 loan. Additionally, a loan will not be entitled to the HARP program if not previously owned by Fannie Mae or Freddie Mac. Due to this, a proposal for an overhaul of the HARP 2.0 has been requested but little action has yet taken place.

There is hope, however for the possibility of a HARP 3.0. The article reads: “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. While FHFA Director Watt has not made public any plans regarding changes he might make to HARP, it is likely he will not break from the partisan position stated by Stegman. That means any tweaks to the program are not likely to involve Congress and hope for substantial changes is beginning to fade.”

The find out how to be eligible for the HARP program and to learn more of a potential HARP Legislation Pass in 2014, please visit LoanLove.com for the full article.

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Kevin Blue
Loan Love
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