San Diego, CA (PRWEB) July 13, 2013
LoanLove.com, a website with the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and U.S. financial landscape in order to help them obtain a home loan that they will love, helps answer the question “Will HARP 3.0 pass?” in a new online article. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. This recent article explains what changes and extensions are being considered by the government regarding the HARP program.
The article reports: “Just as the government’s popular Home Affordable Modification Program (HAMP) has made news recently with the announcement that the program will be extended through 2015, the equally popular Home Affordable Refinance Program (HARP) has also been under consideration for sweeping changes that would make more underwater homeowners eligible to refinance their mortgages without having to take out expensive private mortgage insurance.”
This would be great news for many struggling homeowners, but as of yet, there has been no confirmation as to whether this extension and/or expansion will actually take place. The program, which was initiated in 2009 as part of the Making Home Affordable Program, is already in it’s second iteration – HARP 2.0 – and millions of homeowners have benefited from the refinances offered by the program. Since housing prices plummeted in recent years, many homeowners found it difficult to make their mortgage payments; HARP has enabled many of these individuals and families to stay in their homes and benefit from lower monthly payments.
Aside from an extension of the program, the government is also proposing new HARP 3.0 eligibility guidelines. For example: HARP would become available to those whose mortgages are not back by Fannie Mae and Freddie Mac. It would be available to those with Alt-A and subprime mortgages as well. Also, under the new guidelines, those in the program would be able to apply for multiple refinances. This way, if mortgage rates go down, the homeowner would be able to refinance to the lower rate, provided they have already made at least 6 payments to their lender. Lastly, the new guidelines would make the program available to those with recent mortgages. Current guidelines require the mortgage to be taken out on or before May 31, 2009.
So, will HARP 3.0 go through? Loan Love says: “Although HARP 3.0 seemed likely to pass earlier in the year, recent economic data has been much more promising and the housing market has seen considerable growth, both in terms of number of sales and increasing prices. Both of these factors mean it may make the legislation more difficult to pass without significant changes, if at all. Most significantly, rising interest rates and the sheer number of underwater homeowners in need of assistance bode well for the likelihood of HARP 3.0 becoming a reality, very soon.”
For more information, please visit LoanLove.com for the full article.