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Talks about the HARP 3.0 Program are now doing rounds as it can further alleviate sufferings of borrowers who are not lagging behind on your monthly mortgage payments but find it difficult to get your home refinanced to a lower interest rate through conventional means. Experts opine that that the HARP 3 refinance plan, if put in action; can help distressed homeowners in securing stable mortgages with lower monthly instalments that are affordable as well as sustainable. To qualify for HARP 3.0, currently, there are no LTV restrictions or income verification procedures apart from the fact that HARP home loan refinancing rates are among the lowest in the entire mortgage industry.

HARP 3.0 Plan: How It Can Help You Refinance Your House

The HARP 3.0 Mortgage Program is proposed to be an expansion of the erstwhile home affordable refinance plan HARP of 2009 initiated by the Obama administration to assist financially struggling homeowners for saving their homes from possible foreclosures. It is being speculated that the Home Affordable Refinance Program 3 will allow homeowners to refinance houses to lower rates even if they have jumbo mortgages which are not owned or insured by nation’s leading mortgage servicers Fannie Mae or Freddie Mac.

The HARP 3.0 Criteria Will Be Critical For Helping Millions Of Homeowners

The HARP 2.0 program is slated to perish into oblivion at the end of 2016. Although the HARP program 3.0 is not yet passed in reality, it is being said that eligibility guidelines will be further diluted to make it easier for homeowners to refinance using HARP funds. Even private and subprime mortgages are slated to benefit under the proposed HARP 3 plan with much lower refinancing fees. The new plan may also permit previously HARP qualified homeowners to refinance again and keep their homes for long if they are still find it hard to stay current on monthly mortgage payments.

HARP Program 3.0 Eligibility Guidelines Are Likely To Be Even More Lenient

At present, distressed homeowners have to meet few basic qualification criteria to be HARP eligible. Some of these are as under:

  • Only mortgages insured or guaranteed by Fannie Mae or Freddie Mac can qualify for government assistance.
  • The mortgage under consideration must have been sold to Fannie Mae or Freddie Mac on or before the 31st of May, 2009.
  • Home loan cannot be refinanced if refinanced earlier under HARP unless it was a Fannie Mae mortgage which was approved during March-May 2009 period.
  • To refinance with HARP, Loan To Value (LTV) ratio of borrower must be above 80%.
  • Homeowner can refinance under HARP only if he is current on monthly mortgage payments during the last 12 months with not a single missed payment for the past 6 months.

It is being opined that the HARP 3 mortgage refinance requirements could be even more simplified to help homeowners in refinancing their homes easily.

The HARP 3.0 Plan: Help Is In Pipeline for More Underwater Homeowners

Millions of financially struggling homeowners await the HARP 3 Program for home refinancing as it promises more help to underwater borrowers. It is being said that the new plan will also permit non-Fannie Mae and non-Freddie Mac mortgages to refinance. The possibility of HARP 3 being put into effect appears to be real; one must only wait to see what happens.

Home Affordable Refinance Program 3.0 : Who Can Be Ideal Candidates?

It is expected that the HARP 3.0 requirements will be simplified to make it convenient for borrowers with following types of mortgages to refinance at lower rates and flexible terms

  • Self employed professionals with stated income home loans and verifiable income documents.
  • Borrowers, who have non-conforming sub-prime mortgages, with higher home loan interest rates.
  • Homeowner who lives in a costly area and has jumbo mortgage in the range $417,000 - $625,500.
  • Daily wage earners who have used with stated income/stated asset mortgages for convenience.
  • Subprime borrowers who have paid back mortgages as per agreed terms with income and asset verification.
  • An Alt-A homeowners whose credit rating has improved ever since he got the original mortgage loan.

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Qualifying For the HARP 3.0 Refinance Program – Know Your Options First

If you have an underwater mortgage then you may take into account the following steps:

  • Find out who has insured your home loan whether it is Fannie Mae, Freddie Mac or FHA. Only Fannie and Freddie Mac mortgages are eligible for refinancing under HARP program. The FHA has its own streamline refinance plan for helping borrowers with FHA approved home loans in lowering monthly payments. But if you have non-conventional mortgage, keep track of latest updates.
  • HARP guidelines do not allow borrowers with missed payments to refinance. To that effect, for improving chances of obtaining HARP 2.0 refinancing loan approval, it could be vital for you to make sure that you are current on existing monthly mortgage instalments for the past 6 months and have not missed more than one single payment during the last 12 months.
  • If you are unable to pay monthly mortgage instalments regularly and have already missed some monthly payments then you can consider applying for HAMP loan modification program and get mortgage instalments lowered drastically. However, for preparing and furnishing correct as well as accurate paperwork to your lender along with application, you may have to seek help from a competent attorney.