HARP 3.0 ??? Help for underwater home owners
St Paul, MN: Virtually, all homeowners have lost value on their homes in recent years. For many, this has created some challenges to refinancing and taking advantage of today's super low mortgage interest rates.
There are a few CURRENT PROGRAMS that can help, depending on what type of mortgage loan you have today. May people have successfully used program like HARP (Home Affordable Refinance Program), the FHA Streamline Refinance, or even the VA Streamline refinance known as an IRRRL loan.
Sadly, not everyone fits the criteria. Therefore Washington has been floating the idea of an expanded HARP 3 Refinance Program. It doesn't exist yet, and may never exist... But if it does, here is what it may look like:
- Current loan is NOT backed by FHA, USDA, Fannie Mae, Freddie Mac
- Primary home only. No second homes or investment home
- Loan less than $750,000.
- On time mortgage payments for the past 6 months, with no more than one 30-day late payment in the past year.
- Credit score above 580
This new HARP 3 refinance program proposal mirrors the current HARP 2.0 refinance loan program (possible no appraisal, less document, etc), except it would potentially also allow any underwater home owner, not just those who have a loan owned by Fannie Mae or Freddie Mac.
Try out the governments "Would I qualify for a refinance" below: