HARP 3.0 Program

President Obama unveiled the new HARP 3.0 program in January of 2012 during his State of the Union address. The HARP 3.0 Program will give millions more of responsible citizens the opportunity to refinance their mortgages under the HARP Program. The main distinction between the HARP 2.0 Program and the HARP 3.0 Program is that the 3.0 Program will extend the refinance ability to many more types of loans and not just the Fannie Mae and Freddie Mac loans covered by the HARP 2.0 Program. Analysts believe that the HARP 3.0 Program will result in the average family saving over $3,000 per year in mortgage payments. The FHA or Federal Housing Authority would oversee the program and ensure that it is streamlined to provide for an expedient refinance process for all loans guaranteed or owned by non-government sponsored enterprises (non GSEs). The HARP 3.0 Program will also include Fannie Mae and Freddie Mac loans giving them an expanded access to streamlined refinancing. This will allow homeowners with even substantial equity the ability to take advantage of and benefit from the program.

Additionally, under the HARP 3.0 program the President's plan is to eliminate appraisal costs by directing Freddie Mac and Fannie Mae to use alternatives in order to determine the homes value which could include mark to market accounting. More lenders are encouraged to participate in the HARP 3.0 Program which gives the borrowers the overall best deal. The streamlined underwriting will be applied to new lenders as well as current servicers. Call us today so that we can get you started in the HARP Program leading to a tremendous savings for you and your family.

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