Soon, even homeowners with existing Alt-A, jumbo and sub-prime loans could find themselves HARP-eligible.Ĭlick for today's live HARP mortgage rates. With HARP 3, that requirement may be no longer.
homeowners whose mortgages are privately-held. This clause specifically affects the millions of underwater U.S. There's a fourth requirement, too - HARP requires that your mortgage be backed by either Fannie Mae or Freddie Mac.
The retooled HARP 2.0 was specifically designed to remove refinancing hurdles which existed under the program's initial iteration. Consider HARP's three basic requirements :To use HARP, you must have less than 20% equity in your homeTo use HARP, you must have paid your loan on-time for the last 6 monthsTo use HARP, your loan must have a note date of no later than May 31, 2009 In many cases, HARP 2.0 won't require home appraisal. households took advantage.ĭubbed HARP 2.0, all loan-to-value requirements were waived with the new release, as were proof of income requirements proof of asset requirements minimum credit score requirements plus, as a host of other qualifiers. HARP waived certain loan-to-value requirements, and close to 1 million U.S. At the time, mortgage rates were falling but few homeowners were able to refinance because they had lost too much equity in their respective homes. It was launched in 2009 as a means to stimulate the economy. Home Affordable Refinance Program (HARP) is a government-backed refinance program. The government is calling the program " A Better Bargain For U.S. In some form, HARP 3.0 is expected to pass, it's just unclear when.
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The rumored HARP upgrade was conceptually introduced by the President backing the idea that "every responsible homeowner" should be able to refinance to today's low mortgage rates. There's been little talk of HARP 3 lately, but that doesn't mean that program is stalled.
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