Not Full HARP 3.0, but new updates to HARP 2.0

FHFA - HARP 2.0HARP 3.0 has been a lingering dream for many for quite sometime now. The rocket scientists in Congress have managed to add a few more co-sponsors, all from the same party and none from mine. This is a bit unsettling because the HARP program is really not a hand out or something the GOP should fear. But enough of the soap box. I wanted to give some updates to HARP on some of small changes that could make a big difference if you are in the group it affects.

HARP 2.0 has some definite rules that are set in stone, one such rule is the date that Fannie Mae or Freddie Mac has set is now earlier that he purchase date of Fannie or Freddie. This could make the difference for those that “just missed it” as far as the HARP program deadline is concerned.

Another change is the rule on previous bankruptcy dates and the time that has to elapse before a new loan can happen.

HARP 3.0 could be here soon.

Well, the NFL season is underway, kids are back at school and today Congress reports back to “work”. With President Obama’s full court press on Syria, things may get busy in Congress sooner rather than later. I mention Syria in a blog post about the Home Affordable Refinance program for two reasons. First, it could affect interest rates. If things get out of control or even if the level of uncertainty is raised in the markets – Mortgage Interest Rates for the HARP Loan Program could improve. This could be another “second chance” for you to get some mortgage payment relief. The second is that it seems that when an issue like Syria is being worked on, some other things get done. Whether its the adage of busy people getting more done, or back door political trade offs – it is a trend in DC.
HARP BILL IN CONGRESS The good news for home owners is that HARP 3.0 is in Congressional Committee. Actually there is not just one but a few bills that could turn into HARP 3.0, a continuation and modification of HARP 2.0. So what is holding you back? Hopefully HARP 3.0 will address the issue. If you are not 100% sure if you qualify, please contact us 855-200-HARP (4277). We are a non profit mortgage education agency. Since this is a government program and the content about the program is not subject to any copyright, all loan officers can blog about the HARP program but may not offer the exact program. Lenders use what are called “HARP Program Overlays” to constrict some aspects of qualifying. We have lenders that we work with that do not have these overlays. So not all HARP Lenders are created equal. Also as a result of Dodd-Frank, each lender had to declare its own compensation levels. This means that there may be loan programs they do not mention because they are not profitable or too much work for the money. One such program is the FHA Short Refinance Program. It is a bear to process, but can really yield the homeowner relief. However, even though its been around for years, not many loan officers push the product. Same holds true for self employed HARP loans. They exist, but you need a HARP loan officer that can add back in the write-offs your CPA used to lower income for taxes. It takes experience and work. My point is we can discuss your specific situation without agenda. (Yes, it’s 100% FREE) We do get support from the lenders we refer, only after we find out the best program for you and educate you so that you can drive the conversation with the HARP Lender.

Back to HARP 3.0, some items are cast in stone with the HARP Program. One huge requirement is that the loan be owned or backed by Fannie Mae or Freddie Mac. This is a requirement for all lenders, but that FHA Short Refinance Program does not have that requirement. In Fact, you cannot be owned by them to qualify. There is a version of the proposed HARP 3.0 that actually eliminates that provision. Another big road block is the HARP program cut off date. This date was the date the housing crisis supposedly ended. The date of May 31, 2009 has tripped up many home owners. So HARP 3.0 may extend that date by a year giving another estimated 900,000 home owners a great chance for a HARP refinance or the date may be eliminated altogether. Here’s a link to check out the most popular HARP 3.0 bill. H.R. 736: Responsible Homeowner Refinancing Act of 2013

So what’s next? Well many things have to come together for this HARP 3.0 to come into fruition. Today Congress returns, then we need them to act – why not contact your congressman and senator on this issue? Get contact information HERE. Then we need the market conditions (interest rates) to fall a bit more so that your savings is maximized. We have a great software tools that can place you on the HARP 3.0 waitlist and also on the home value watch and mortgage interest rate watch. It will automatically contact you when the conditions exist for you to move forward. So get pre qualified today and if we can move forward now – we’ll know what your need in the future to get you some mortgage relief via HARP 3.0, FHA short refinance, FHA Streamline, VA IRRL, or special in house HARP alternative program. Call with any HARP program questions 855-200-HARP (4277)

New HARP 3.0 Progress from President in Arizona

President Hints at HARP 3.0 Expansion

President Barack Obama, speaking to an audience in Phoenix yesterday, tied his proposal reforming the U.S. housing system to both his on-going theme of shoring up the middle class and to immigration reform. Among his specific proposals were the gradual elimination of Fannie Mae and Freddie Mac and the need to insure the availability of decent and affordable rental housing.

Calling owning a home “the ultimate evidence that here in America, hard work pays off, that responsibility is rewarded,” he pointed to the difference between when his grandfather was able to buy his first home with an FHA loan and the events leading up to the recent crisis. “In that earlier generation, houses weren’t for flipping around, they weren’t for speculation — houses were to live in, and to build a life with.” But unfortunately, he said, responsibility gave way to recklessness – and triggered a recession.

HARP PROGRAM The President enumerated some of the steps that the government has already taken to reverse the decline in housing and some of the recent signs of recovery, emphasizing that housing isn’t just important for the person who owns the house – it impacts the entire economy “Construction workers, contractors, suppliers, carpet makers, all these folks are impacted by the housing industry.”

We’ve made progress, he said, but we’ve got to build on this progress and “turn the page on this kind of bubble-and-bust mentality that helped to create this mess in the first place. We’ve got to build a housing system that is durable and fair and rewards responsibility for generations to come”.

There are, he said, five immediate steps that must be taken:

Congress should pass a HARP 3.0 bill giving every homeowner the chance to save thousands of dollars a year by refinancing their mortgage at today’s rates.

We’ve made it harder for reckless buyers to buy homes that they can’t afford now we must make it easier for qualified buyers to buy ones they can afford by simplifying overlapping regulations, cutting red tape, and giving persons who have worked hard to repair their credit a second chance.

We must fix our broken immigration system because when more people can buy homes and play by the rules, home values go up for everybody. One recent study showed the average homeowner has already seen the value of their home boosted by thousands of dollars because of immigration.

Rebuild the communities hardest hit by the housing crash; putting construction workers back to work repairing rundown homes, tearing down vacant properties so that the value of homes in those surrounding areas start picking up.

Make sure families that can’t or don’t want to buy a home still have a decent place to rent. Instead of making everyone feel like they must own a home, even if they weren’t ready let’s invest in affordable rental housing. Let’s bring together cities and states to address local barriers that drive up rents for working families.

As home prices rise, we don’t want another bubble, he said, we want something stable and steady. ‘And that’s why I want to lay a rock-solid foundation to make sure the kind of crisis we went through never happens again.” To that end, he said, we must wind down Fannie Mae and Freddie Mac, the two companies that are not really government but not really private sector. “For too long, these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was “heads we win, tails you lose.” “It helped to inflate this bubble in a way that ultimately killed Main Street.”

He said a bipartisan group of senators is working to end these two companies (referring to the Corker-Warner bill), “And they’re following four core principles for what I believe this reform should look like. ”

First, private capital should take a bigger role in the mortgage market. There should be a limited government role and private lending should be the backbone of the housing market including community-based lenders “who view their borrowers not as a number, but as a neighbor.”

Second, we can’t leave taxpayers on the hook for irresponsibility or bad decisions by some of these lenders or Fannie Mae or Freddie Mac. “We’ve got to encourage the pursuit of profit, but the era of expecting a bailout after you pursue your profit and you don’t manage your risk well — well, that puts the whole country at risk. We’re not going to do that anymore.”

The third principle is to preserve access to safe and simple mortgage products like the 30-year, fixed-rate mortgage.

Fourth, we’ve got to keep housing affordable for first-time homebuyers. And that means we’ve got to strengthen the FHA so it gives today’s families a chance to buy a home, and it preserves those rungs on the ladder of opportunity.

And we’ve got to support affordable rental housing and we’ve also got to keep up our fight against homelessness.

The president also called on Congress to immediately allow an up-or-down vote on the confirmation of James Watt, his nominee to head the Federal Housing Finance Agency (FHFA) and gave a strong endorsement to the work being done to protect homeowners by the Consumer Financial Protection Bureau.
This could expedite HARP 3.0

The President concluded, “Put all these principles together, that’s going to protect our entire economy and it will improve the housing market not just here in Phoenix, but throughout the state and throughout the country. We’ll make owning a home a symbol of responsibility, not speculation — a source of security for generations to come, just like it was for my grandparents.”

Reaction received by MND to the President’s speech has thus far been supportive. Rick Judson, chairman of the National Association of Home Builders (NAHB) said his organization applauded the President for “affirming the importance of maintaining a a federal backstop as part of efforts to revamp the housing finance system and protect the 30-year mortgage.” Judson said NHAB also supports strengthening the FHA to facilitate the flow of mortgage credit to qualified home buyers, cutting red tape and easing tight credit conditions that are preventing creditworthy borrowers from obtaining home loans.”

Mortgage Bankers Association (MBA) President and CEO David H. Stevens said the President’s insistence on transitioning the mortgage market toward relying on private capital was of particular importance as is his apparent willingness to adopt a common securitization platform and risk-share options. Both of these, Stevens said, are key components of what MBA believes should be part of reforming the secondary mortgage market and both can be implemented now without legislation.

A statement from The Center for Responsible Lending (CRL) said, “Next steps toward a full recovery? Confirm Mel Watt to lead the Federal Housing Finance Agency, and then give the common-sense Qualified Mortgage (QM) rules time to work, and institute Qualified Residential Mortgage rules that mirror QM rules.”

CRL stressed that “any entity that replaces Fannie Mae and Freddie Mac must include an explicit and paid-for government guarantee and a duty to serve the entire market. The new system must ensure that all Americans have fair access to safe and affordable 30-year fixed rate mortgage credit.”

New Life for HARP 3.0

HARP 3.0 Bill Introduced to Provide Refinance Options for All Underwater Homeowners

We have been anticipating the improvement of the government’s Home Affordable Refinance Program (HARP) for years as it has strictly limited the program to mortgages backed by Fannie Mae or Freddie Mac – leaving millions of homeowners with little options to escape their high interest rate loans.

HARP LOAN PROGRAM
GET HARP 3.0 QUALIFIED

Oregon Senator Jeff Merkley just introduced the Rebuilding American Homeownership Act (RAHA) that would launch HARP 3.0 to help middle class families who have been unable to secure a refinance due to their negative equity position. The legislation will save countless middle class borrowers from losing their homes. HARP 3.0 will be the starting point of RAHA, so that all borrowers will have equal refinancing opportunities. HARP 3.0 may also be launched in older bills, but this one expressly addresses non Fannie Mae and Freddie Mac loans.

Under RAHA, HARP 3.0 will be modified to enable “non-federal” backed loans to qualify for an underwater refinance, direct the GSEs to price for the risk they would be assuming and institute an automatic sunset for this program after two to three years. RAHA seeks to seeks to help struggling homeowners to lock into a lower interest rate and reduce their monthly payments while rates are low.

Another program to assist homeowners refinancing into short-term loans (20-years or less), Merkley also introduced the Rebuilding Equity Act to cover $1,000 in closing costs for eligible borrowers. This is in addition to HARP 3.0 and could also be beneficial.

This call for the HARP 3.0 bill came after President Obama’s speech on July 24th, where the nation’s leader expressed the need to build and sustain a prosperous middle class. As Merkley mentioned in his statement, the 6-year recession enabled predatory lenders to hurt underwater families with high interest loans. Merkley is a firm believer that all responsible borrowers, whether they are underwater or not, should have equal access to current refinancing programs to rebuild their wealth.

Call 855-200-HARP (4277) to get on the current wait list to be ready when HARP 3.0 rolls out to preserve the best interest rate!

Virginia HARP Loans still strong awaitng HARP 3.0

State by State HARP 2.0 and HARP 3.0 Updates – Virginia HARP – 855-200-HARP (4277)

Mortgage Refinancing: Virginia HARP 2.0 borrowers increased Month-over-Month as of Late 2012. According to data from nationally accredited home loan specialist network HARP Mortgage Lender and the Federal Housing Finance Agency, the number of Home Affordable Refinance Program borrowers in Virginia has increased month-over-month every month since November 2012. This report comes amid continued talk of the HARP program’s 2012 amendments proving to be more beneficial for borrowers since HARP became available for borrowers with loan-to-value ratios exceeding 125 percent and changes in the proposed HARP 3.0 changes.

FHFA - HARP 2.0The FHFA’s most updated Refinance Report, as a whole, shows that HARP 2.0 users have increased in the March ending quarter of 2013, with quarterly figures in Q1 2013 being the highest since the HARP initiative was launched by the Obama administration in 2009. As interest rates rise it has become increasingly important to pass HARP 3.0 now. See progress of the bill here. Responsible Homeowner Refinancing Act of 2013 New Cosponsor: Rep. Zoe Lofgren [D-CA19]

Among all areas covered by the report, Virginia has one of the highest rates of increase in terms of HARP borrowers taking advantage of the program. From December 2012 to March 2013, the number of monthly HARP borrowers in Virginia has been at 1,941, 2,349, 2,465 and 2,766 respectively. Using simple math, this shows that HARP activity in Virginia has increased between five to 17 percent in any of the four most recent months on record.

In all, the HARP program can potentially save borrowers about $4,300 per year, according to a study conducted by mortgage buyer Fannie Mae. GET HARP Qualified:


Even if you are not HARP 2.0 – We will wait list you for HARP 3.0 or an alternate program that can help.

Conversely, many other states saw a decrease in HARP 2.0 activity over the above time period; even those states affected by the housing crisis, such as Florida, Nevada and Arizona reported decreases as of March 2013. According to HARP Mortgage Lender representative Ryan Workman, HARP “is increasingly becoming a national success story for underwater borrowers, and that fact is exceedingly true in the state of Virginia.” The other states are in need of HARP 3.0, which is still in congressional committee -WHY? Contact your representatives today. Call 855-200-HARP (4277)

New Twist on HARP 3.0 Program

HARP 3.0 #MYREFI : What The New Recovery Means for HARP 3.0
Mortgage rates and markets change constantly. GET HARP Qualified:

Over the past few weeks as mortgage interests rates climbed it looked like the HARP 3.0 was on life support. However, a glimmer of hope has begun to pierce the clouds of doom and gloom those left without viable refinance options. Even though they have been faithful in their payments throughout the total loss of equity at the hands of the huge banks that gamed the system against them there may be a twist to help them. It seems that with the housing market rebound, talk for a HARP 3.0 program is growing louder.

As LTVs for HARP loans fall, the program’s reach may grow limited — especially because the Home Affordable Refinance Program does not allow for loans with loan-to-values below 80%. For this reason, Congress may be moved to make changes to the Home Affordable Refinance Program in order to augment the number of HARP-eligible households.

Potential HARP modifications include extending the Home Affordable Refinance Program to mortgages not backed by Fannie Mae or Freddie Mac; changing the HARP mortgage eligibility cutoff date sometime into 2011; and allowing homeowners who have used the HARP program once to “re-HARP”. That is, to refinance a loan which has already been HARP-refinanced.

There is no timetable for when HARP 3.0 will be official. Contact your Senator or Congressman today. Here’s a link for more information.
The HARP 3.0 Bill – H.R. 736: Responsible Homeowner Refinancing Act of 2013

The rumored program was born January 2012, conceptually introduced in the president’s State of the Union address. Since that date, the notion that “every responsible homeowner” should be able to refinance to today’s low rates has gained traction.

In some form, it’s likely that HARP 3.0 will pass soon. The government is calling it #myrefi.

Brief Rewind : The HARP Refinance Program

Home Affordable Refinance Program (HARP) is a government-backed refinance program. It was launched in 2009 as a means to stimulate the economy. 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.

HARP waived certain loan-to-value requirements, and close to 1 million U.S. households took advantage.

Then, in 2012, HARP was expanded. Known as HARP 2.0, all loan-to-value requirements were suddenly waived, as were proof of income requirements; proof of asset requirements; minimum credit score requirements; and, as a host of other qualifiers. In many cases, HARP 2.0 won’t even ask for a home appraisal.

The retooled HARP 2.0 was specifically designed to remove refinancing hurdles. Consider the program’s three basic requirements:
1.less than 20% equity in your home
2.paid your loan on-time for the last 6 months
3.must have been securitized prior to June 1, 2009

There’s a fourth requirement, HARP requires that your mortgage be backed (owned) by either Fannie Mae or Freddie Mac. However, with the one scenario of the rumored passage of HARP 3.0, that requirement will be no longer.

With HARP 3.0, everyone who meets the above requirements will be eligible to use HARP to refinance to today’s low mortgage rates.

HARP 3.0 : Help For Non-GSE Mortgages

HARP 3.0 is not yet passed but momentum for some version of a HARP 3 program is growing. It makes for some interesting talk. HARP 3.0 would target homeowners whose mortgages are specifically not backed by Fannie Mae or Freddie Mac.

This is a big deal because, although the Fannie Mae-Freddie Mac-FHA triumvirate controls more than 90% of today’s new mortgage originations, that wasn’t the case from 2001-2007. Last decade, non-GSE lending was a major part of the U.S. housing market.

For example, Federal Reserve data shows that Alt-A mortgages accounted for 27.5% of mortgage originations in 2005. Today, by current rules, each of these homeowners is locked out from the Home Affordable Refinance Program. HARP 3.0 would allow these Alt-A customers to refinance their home loans.

In addition, there were lots of “A Paper” mortgages that went to sub-prime investors last decade because, at the time, the sub-prime market offered lower mortgage rates than the conforming market did. Ludicrous, but true.

Conforming, 30-year fixed rate mortgage rates were 5.50 percent in mid-2005. Sub-prime 30-year fixed rates, by contrast, were a quarter-point lower at 5.25%.

HARP 3.0 would help homeowners with jumbo mortgages that, in today’s market, would not be jumbo mortgages.

Last decade, before conforming loan limits were raised to $625,500 in “high-cost areas” throughout California, Virginia, Maryland, and New York, for example, homeowners who bought or refinanced were relegated to non-conforming loan products, loans that met typical underwriting guidelines but that were too big for Fannie Mae or Freddie Mac to purchase.

After home values fell, although their mortgages met Fannie Mae loan standards; and, although their mortgages were within Fannie Mae loan limits, these homeowners were unable to use HARP 2.0 because their mortgages weren’t backed by the government. They were held by a bank, such as Wells Fargo or Bank of America.

With HARP 3.0, these “high-cost”, jumbo homeowners would get the chance to refinance.

HARP 3.0 Candidates

We don’t know when HARP 3.0 will be made official. Nor do we know who will qualify for HARP 3.0 when it’s passed. However, based on HARP history and talk from Washington, DC, we can expect it to address these loan types.

Self-employed borrower who used stated income loan for the original mortgage, and can verify their current income via federal tax returns
“Prime” borrower who used a sub-prime mortgage because mortgage rates were lower and/or fees were less as compared to a conforming one
Jumbo mortgage homeowner who lives in a “high-cost area” whose original mortgage was for between $417,000 and $625,500
A wage earner who used a stated income and/or stated asset mortgage for convenience
Sub-prime borrower who has paid mortgage as agreed and can verify income and assets
An Alt-A borrower whose FICOs were low at date of origination, but have since improved

There are literally millions of U.S. homeowners who would meet HARP 3.0 eligibility standards, opening today’s low mortgage rates to all of them. If you are not sure that HARP 2.0 will help or want to look at other options – CALL TODAY 855-200-HARP (4277)

HARP 3.0 – New Cosponsor

May 23, 2013 — Another New Cosponsor for HARP 3.0 – H.R. 736: Responsible Homeowner Refinancing Act of 2013 New Cosponsor: Rep. Zoe Lofgren [D-CA19]

HARP 3.0 may arrive, but will the rates still be there? These past few days have seen an increase in rates, but the word is that it may not last. So, the question is as you search the internet for updates and news – Why haven’t we met? You need to take action now to find out about HARP 2.0 & HARP 3.0 updates, you will be glad you did.

Not all HARP 3.0 Approved Lenders are created equal. Even if you have been told “no” before, we may have an in-house solution. Case in Point:

HARP 3.0 REFINANCE SAVINGSWe are quickly becoming experts at the little known, FHA Short Refinance Program. This is for those that are NOT Fannie Mae, Freddie Mac or FHA. If your loan is owned/serviced by one of the larger lenders (Chase, HSBC, One West/IndyMac, Bank of America, Etc.) Then you may be able to get a new FHA loan and a principle reduction.

You must be underwater, on time with your payments, no bankruptcies or foreclosures. Sound like your situation? We may be able help without HARP 3.0. Call: 855-200-HARP (4277)

Here’s a full list of current cosponsors: You can read the full text here.

Bonamici, Suzanne [D-OR1]

Cicilline, David [D-RI1]

Costa, Jim [D-CA16]

Davis, Susan [D-CA53]

Ellison, Keith [D-MN5]

Schakowsky, Janice “Jan” [D-IL9]

Sires, Albio [D-NJ8]

Capuano, Michael [D-MA7]

(joined Feb 26, 2013)

Murphy, Patrick [D-FL18]

(joined Mar 13, 2013)

Holt, Rush [D-NJ12]

(joined Mar 19, 2013)

Michaud, Michael [D-ME2]

(joined Mar 20, 2013)

Slaughter, Louise [D-NY25]

(joined Apr 09, 2013)

Pallone, Frank [D-NJ6]

(joined May 15, 2013)

Titus, Dina [D-NV1]

(joined May 16, 2013)

Cárdenas, Tony [D-CA29]

(joined May 21, 2013)

Huffman, Jared [D-CA2]

(joined May 21, 2013)

Lofgren, Zoe [D-CA19]

(joined May 23, 2013)

Obama Touts HARP Program Refinance Plan

The President’s Address Breathes New Life into HARP Program for HARP 3.0
Obama Touts Refinance Plan and the Nominee to Oversee Fannie Mae and Freddie Mac President Obama’s weekly address is all about the “healing” housing market seven years after the bubble burst and how to further improve the finances of Americans and the mortgage-financing system. You do not have to be a fan of the President to take advantage, but this HARP program works without costing taxpayers.

Freddie Mac HARP  Fannie Mae HARPAs he has done for more than a year, Obama touted his proposal to expand refinancing opportunities for homeowners deeply “underwater” on their mortgage debt. There is already HARP 2.0 in place – See if you qualify now. (even if you have been told “no” before). There are expanded streamline programs in place right now to help.
Not all HARP Program lenders are created equal.
Call 855-200-HARP (4277)

The President’s plan would essentially expand the popular HARP 2.0 (Home Affordable Refinance Program) for borrowers whose loans are not held by Fannie Mae or Freddie Mac, the government-subsidized companies. The HARP program is only offered for eligible borrowers with Fannie Mae and Freddie Mac held home loans. But some large banks are not telling borrowers the correct information. Get the facts by discussing your loan with a HARP Program Expert today.

“As I said before, more than two million Americans have already refinanced at today’s low rates, but we can do a lot better than that,” Obama said. “I’ve called on Congress to give every responsible homeowner the chance to refinance, and with it, the opportunity to save $3,000 a year. That’s like a $3,000 tax cut.”

Obama also said his nominee to oversee Fannie and Freddie was the right choice at the right time.

Earlier this month, the President nominated House Financial Services Committee member Mel Watt, D-North Carolina, to replace Edward DeMarco as the director of the Federal Housing Finance Agency, the regulator of Fannie and Freddie, which own or back about 60 percent of U.S. mortgages.

“Mel’s represented the people of North Carolina in Congress for 20 years, and in that time, he helped lead efforts to put in place rules of the road that protect consumers from dishonest mortgage lenders, and give responsible Americans the chance to own their own home,” Obama said.

Here’s the text of President Obama’s address:

Our top priority as a nation is reigniting the true engine of our economic growth – a rising, thriving middle class. And few things define what it is to be middle class in America more than owning your own cornerstone of the American Dream: a home.

Today, seven years after the real estate bubble burst, triggering the worst economic crisis since the Great Depression and costing millions of responsible Americans their jobs and their homes, our housing market is healing. Sales are up. Foreclosures are down. Construction is expanding. And thanks to rising home prices over the past year, 1.7 million more families have been able to come up for air, because they’re no longer underwater on their mortgages.

From the day I took office, I’ve made it a priority to help responsible homeowners and prevent the kind of recklessness that helped cause this crisis in the first place.

My housing plan has already helped more than two million people refinance their mortgages, and they’re saving an average of $3000 per year.

My new consumer watchdog agency is moving forward on protections like a simpler, shorter mortgage form that will help to keep hard-working families from getting ripped off.

But we’ve got more work to do. We’ve got more responsible homeowners to help – folks who have never missed a mortgage payment, but aren’t allowed to refinance; working families who have done everything right, but still owe more on their homes than they’re worth.

Last week, I nominated a man named Mel Watt to take on these challenges as the head of the Federal Housing Finance Agency. Mel’s represented the people of North Carolina in Congress for 20 years, and in that time, he helped lead efforts to put in place rules of the road that protect consumers from dishonest mortgage lenders, and give responsible Americans the chance to own their own home. He’s the right person for the job, and that’s why Congress should do its job, and confirm him without delay.

And they shouldn’t stop there. As I said before, more than two million Americans have already refinanced at today’s low rates, but we can do a lot better than that. I’ve called on Congress to give every responsible homeowner the chance to refinance, and with it, the opportunity to save $3,000 a year. That’s like a $3,000 tax cut. And if you’re one of the millions of Americans who could take advantage of that, you should ask your representative in Congress why they won’t act on it.

Our economy and our housing market are poised for progress – but we could do so much more if we work together. More good jobs. Greater security for middle-class families. A sense that your hard work is rewarded. That’s what I’m fighting for – and that’s what I’m going to keep fighting for as long as I hold this office.

463,000 HARP 2.0 Refinances in February

(Source: FHFA) – Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its February 2013 Refinance Report , which shows that refinance volumes remained high as mortgage rates hovered near historic low levels. More than 463,000 refinances took place in February, with 97,738 completed through the Home Affordable Refinance Program (HARP). This brings the number of total HARP 2.0 refinances to more than 2.3 million since the program’s inception in April 2009.

FHFA recently announced it has extended HARP 2.0 for two more years and will soon launch a nationwide campaign to educate and encourage homeowners to learn about HARP eligibility requirements. HARP 2.0 was set to expire Dec. 31 of this year.  See if you qualify today – No Credit Check Needed to Complete our exclusive HARP Analyzer.  HARP rates are low and Closing Costs are capped and Flexible.


Also in the February 2013 report:

FHFA - HARP 2.0- Borrowers with loan-to-value (LTV) ratios greater than105 percent accounted for 45 percent of the volume of HARP 2.0 loans.  We have Unlimited LTV Programs.

 - The number of completed HARP 2.0 refinances for deeply underwater borrowers continued to represent a significant portion of total HARP 2.0 volume. In February, 22 percent of the loans refinanced through HARP 2.0 had a LTV ratio greater than 125 percent.

- Through February, underwater borrowers represented 65 percent or more of total HARP volume in Nevada, Arizona and Florida.  We serve all 50 States and the Washington DC area.

- Also in February, 18 percent of HARP 2.0 refinances for underwater borrowers were for shorter-term 15-year and 20-year mortgages, which build equity faster than 30-year mortgages. You can get quotes to explore different HARP 2.0 scenarios.  Discuss your situation with a HARP loan specialist today to maximize your savings.

- The total number of HARP 2.0 loans by state include: California (329,707), Florida (200,332), Illinois (158,822), Michigan (158,462), and Arizona (117,149).

Not sure if you qualify?  Been told “NO” before?
Not all HARP 2.0  Lenders are created equal.

HARP 3.0 May Now Move Forward In Parts Instead of Sweeping Changes

Mortgage experts recently met with White House officials to discuss housing and mortgage issues, resurfacing the possible idea of establishing a Home Affordable Refinance Program 3.0 (HARP 3.0 program). Particularly, the Obama Administration is intending to push for a HARP 3.0 program, allowing private-label loans (non-Fannie or non-Freddie owned) to be refinanced through Fannie Mae and Freddie Mac, according to analysts at Compass Point Research & Trading.  These loans are often called “portfolio” loans because they are retained in the actual lending portfolio of the originating bank and not sold to Fannie Mae or Freddie Mac – either by design on good yields or because they were niche loans that did not meet Fannie Mae and Freddie Mac underwriting standards for a variety of reasons.  These folks have had little help under HARP 2.0 but currently we can help some with our direct lender short refinance program.  If your loan is not backed by Fannie Mae or Freddie Mac there still may relief for you with or without HARP 3.0.  See if you qualify HERE.

HARP LOAN PROGRAMWhile it remains to be seen if such a structure will develop, the administration is currently in talks about changing the eligibility date for HARP refinances. However, economists firmly believes two distinctive issues are at hand. “While observers should remain cognizant of the potential for a focused public relations push to expand the HARP in the near future, we remain skeptical that the White House will spend the political capital necessary to accomplish either the creation of a non-agency refinancing vehicle or a change to the HARP eligibility date,” said Isaac Boltansky, Kevin Barker and Jason Stewart of Compass Point. Additionally, while the White House could likely support efforts to expand HARP in numerous ways, the support will be driven by political pretense rather than policy urgencies. “We believe the observers expecting a different end to this most recent iteration of mortgage policy’s Groundhog Day will be sorely disappointed,” Compass Point noted. In comparison, Sarah Hu, chartered financial analyst of Royal Bank of Scotland stated that while HARP 3.0 has been talked about in the market for quite some time, it has not gained much traction. “Currently, HARP is only limited to borrowers with loans guaranteed by Fannie Mae and Freddie Mac as the government-sponsored enterprises already own their risk. To some extent, HARP has become the loss mitigation tools for the GSEs,” she said. As a result of congressional approval and resistance, extending HARP to include private-label loans does not seem near to reality at this point, Hu explained.  The clear fact remains that either moving the HARP eligibility date back by one year or removing the possibility of changing the date completely would be a possible HARP 3.0 scenario. “If the HARP eligibility date were to be pushed back by one year to May 2010, we estimate that between $27 billion and $43 billion in unpaid principal balance of mortgage debt could be re-HARPed,” analysts explained.

So it seems as you wade through all the industry talk, that they will most likely work to extend the HARP eligibility dates back to allow for additional HARP loans under a modified and streamlined HARP 3.0 program.   This will help some, but not all.  Not sure where you stand?  Not all HARP Lenders are the created equal.  Take advantage of our years of HARP expertise – start the conversation by clicking above.