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HARP 3.0 is the missing link that would provide an opportunity for non-Government Sponsored Enterprises (GSE) mortgages to take advantage of the low refinance rates. Because these mortgages are not owned by the GSE’s, Fannie Me or Freddie Mac, they can not refinance if the loan-to-value is currently underwater.
There are rumors that HARP 3.0, if implemented, would allow some relief to these non-GSE mortgages. Unlike with government back mortgages the current loan owner (e.g., Wells Fargo, Bank of America, Ally Bank, etc.) don’t have the protections afforded by a GSE. If the government is able to remove some of the risk associated with refinancing underwater loans then non-GSE mortgage owners like Wells Fargo will have the opportunity to make lower rates available to these home owners.
There are several million home owners that could benefit from such a program. Implementing such a program may require that congress work in a nonpartisan fashion, something that we haven’t seen it quite some time. However there may be ways to work with currently available funds, such as TARP, to help move forward with HARP 3.0. If so then lack of nonpartisanship may not play a role.
In some form, it’s likely that HARP 3.0 will pass. If so here is a list of possible underwater owners that will likely be helped.
• A self-employed person who used stated income loan for the original mortgage, and can verify their current income via federal tax returns
• A “prime” borrower who used a sub-prime mortgage because mortgage rates were lower and/or fees were less as compared to a conforming one
• A jumbo mortgage homeowner who lives in a “high-cost area” whose original mortgage was for between $417,000 and $625,500
• A wage earner who used a stated income and/or stated asset mortgage for convenience
• Sub-prime borrower who has paid mortgage as agreed and can verify income and assets
• An Alt-A borrower whose FICOs were low at date of origination, but have since improved
A HARP 3.0 Program would help to ensure that all homeowners, whom have remained current on their home mortgages, have an opportunity to take advantage of the low interest rates. There are literally millions of U.S. homeowners who are hoping that HARP 3.0 becomes a reality.
Keep your eyes peeled and your ears open. Relief for homeowners, left out of the loop, maybe on the way. You can always contact your congressperson and encourage them to take action.

HARP 3.0 – Is There New Life?

The fate of Harp 3.0 is still up in the air but some Lenders are trying to prepare homeowners, making sure that they are ready to take advantage, when and it it is approved through congress.

The number of underwater homeowners who qualify for harp refinance through the Making Home Affordable Program is expected to increase with the approval of HARP refinance program 3.0. Secure One Capital is a direct mortgage lender that is preparing homeowners for HARP 3.0 and helping them take advantage of today’s low interest rates. Current projections estimate that if the Responsible Homeowner Refinancing Act passes as it is written today, as many as 14 million homeowners could qualify for a HARP refinance.

You can read the entire article at:PRWEB.com