Some examples of popular loans back then were: Millions of homeowners in the last decade used home loans that did not comply with Fannie or Freddie guidelines. This program would allow countless underwater homeowners who don’t have a Fannie or Freddie loan to refinance into today’s rates. What many in the industry, including me, are hoping for in 2014, is that HARP 3.0 will be rolled out.
But with HARP 2.0, it still has to be a Fannie or Freddie loan. HARP 2.0 does not have a limit to how underwater the home can be. Then HARP 2.0, the current program, was rolled out. This change to the program would be called HARP 3.0.Ī little HARP history: HARP 1.0 allowed underwater homes to refinance, but only if the loan balance was at 125% or less of the home’s value. Instant help: Get a HARP-alternative program rate quote and see if you’re eligible. In fact, opening up the program to everyone is one of the big changes I’m hoping for in 2014. However, that’s not to say that HARP rules will never change. However the rules state that your loan has to be owned by either Fannnie Mae or Freddie Mac to be eligible for the Home Affordable Refinance Program, or HARP.
And I wish I could answer it differently than I have to. It kind of sucks knowing that I’m probably paying $300 more a month than I would have to if I could use this program.Ī: You have a great question, Ed – one that thousands of homeowners across the country are asking. But my loan isn’t a Fannie Mae or Freddie Mac loan. I got into my home before everything went south in the job and housing markets and received a rate higher than is offered with HARP. Q: If my mortgage is not owned by Freddie Mac or Fannie Mae, can I still get into the HARP program? Recently I received a question from a MyMortgageInser reader about HARP 3.0 and the current HARP program: This means many homeowners may currently be eligible for a standard conventional refinance. 31, 2018, but most homes have increased in value considerably since HARP rolled out. Editor’s Note: The HARP program expired Dec.
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