All you need to know about HARP 3

While talking about HARP 3, you need to know that it has mortgage experts and underwater homeowners similarly buzzing with enthusiasm. The enlarged program will aim underwater homeowners with mortgages who are not backed by Freddie Mac or Fannie Mae.

HARP – What is it actually?

HARP, also known as Home Affordable Refinance Program, was made to provide help for the homeowners who are responsible and stay current on their mortgages. However, they owe more than the present value of their home. In the year 2012, the revised HARP 2.0 waived the requirement of loan-to-value and provided affordable mortgage refinancing to 1 million U.S. families.

In the year 2013, the number of refinance loans is believed to be strong in the same way, particularly since the possibility of HARP 3.0 is assembling momentum. If required, the homeowners may take help of hunter financial group for HARP.

HARP – How can it provide help to underwater homeowners?

The probability of HARP 3 was first stated in President Obama’s Jan. 2012 State of the Union address. The program will enable homeowners whose mortgages are not supported by Freddie Mac or Fannie Mae to refinance their underwater homes. Thus, they’ll be able to avail the most advantage of low mortgage rates in history. HARP 3 will provide assistance for:

Borrowers who have improved their past low FICO scores since mortgage loan commencement.

Self-employed homeowners who used income loan for their original mortgage but can now prove their income by means of federal tax returns

Prime borrowers who used a sub-prime mortgage because it was inexpensive than a conforming mortgage

Wage earners who used a stated asset mortgage or a stated income for convenience.

Sub-prime borrowers who have fulfilled their mortgage terms in a responsible manner and can authenticate income and assets.

HARP 3.0 – When is it going to take place?

It is uncertain when HARP 3 will be created. Also, the exact qualification requirements of HARP 3.0 are not known. However, depending on the previous HARP programs and what Washington D.C. officials have said, millions of extra homeowners stand to obtain benefit from the creation of HARP 3.

Homeowners who have a Jumbo loan balance (any mortgage for than $417,000) will not be eligible for HARP 3.0. The possibility of HARP 3 being commenced during 2013 can play an important role in the refinance mortgage market. This will provide relief to millions of homeowners who owe more on their mortgages than their homes value at present.

Call Hunter Financial Group today, 877-985-5464, to get more information.