The Home Affordable Refinance Program (HARP) has undergone several expansions since its inception in 2009. HARP 3.0 is the expansion which makes the beneficial program available to millions of Americans underwater with their mortgage regardless of the lender. The biggest addition to the HARP 3.0 Program is that the plan now helps Non-GSE (Government Sponsored Enterprise) backed borrowers, whereas the HARP 2.0 program only was able to assist GSE backed borrowers or borrowers with Fannie Mae and Freddie Mac. The new program is slated to save the average American family over $3,000 per year for the remainder of their mortgage.
Under the HARP 3.0 program, the Home affordable Refinance Program is expanded to include all borrowers including those that are not backed by Freddie Mac and Fannie Mae. The non Fannie / Freddie loans are the borrowers whose loans were securitized in private label securities without any federal backing. The HARP 3.0 program allows these loans to be refinanced into FHA-backed loans, the same as the Freddie and Fannie borrowers. Though the average American family will save $3,000 per year on their existing mortgage, many families will save far more.
To be eligible for the HARP 3.0 Program, borrowers:
must have made their mortgage payments over the the last six months but could have only one delinquency.
The borrowers loan amount cannot exceed the FHA loan limit for their general area.
If the borrower owes more than 140 percent of the value of their home, the original lender on the home must agree to reduce the principal balance of the loan.
Borrowers will not have to submit a full file of paperwork through their loan officer for the refinancing as long as they can verify their employment.
Borrowers with equity in their homes are also eligible to participate in the program. The equity can only be up to 20%.
Please contact us at Harp3Program.com today to see if you qualify and