Things to Learn About Harp 3.0 Mortgage Program Today

After the initial phase, the HARP process was streamlined to simplify the home loan approval method. Therefore, the third version of this program was introduced, which is known as HARP 3.0 refinance. However, this never made it past the phase of proposal. Among other things, the proposed revisions would broaden the universe of the mortgage borrowers, who are eligible for this program. Here are some important things that you must learn about this mortgage refinance program.

The main idea behind HARP 3.0 mortgage program is to offer refinance opportunities to those people, who are not eligible to Fannie Mae or Freddie Mac guaranteed loans.  Besides, this type of mortgage program also helps the Alt-A borrowers, who have improved the FICO scores, which have once prohibited them from getting help. Besides, this type of loan also offers assistance to the self-employed. In fact, a number of self-employed homeowners have already used this type of loan for mortgage.

Even though the HARP 3.0 plan have kept a number of homeowners from being capable for getting this loan, but if passed this type of mortgage plan also fixes a number of issues associated with the previous versions of this program. One of the expected changes include decreasing the guarantee fees, which is charged with the HARP refinance that can save the borrowers maximum .75% points on the refinanced mortgage. Besides, this program is also aimed to open up the availability to the participants of the earlier HARP refinance program while allowing the participants to refinance again.

According to the estimates, people, who have taken the benefits offered by the HARP program, have been able to save a good amount average on a monthly basis. Even after having heavy participation in this program, analysts think that borrowers can actually save money on the mortgage through the HARP program. Therefore, by opening this program up to the non-Fannie Mae and Freddie Mac mortgage holders, a large number of homeowners would be able to enjoy all the benefits of refinance. To know more about bad credit mortgages refinance loan, you can consider paying a visit to mortgagerefinancebadcredit.com

Refinance with HARP 2.0 to Make Your Mortgage Payments Affordable

If you were unable to qualify for the Home Affordable Refinance Program, you can consider applying for HARP 2.0 refinance plan, which might have less stringent approval requirements. However, it must be made known that taking specialist’s support is necessary in order to learn insights of mortgage HARP 2.0 plan and take best advantage of the same. Read more to refinance with HARP 2.0...

The wait is over for homeowners who have been finding it difficult to refinance their mortgage because they owe more on their mortgages than the worth of their homes. The HARP 2.0 refinancing program have been introduced to help tens of thousands of struggling homeowners in the U.S. to solve their mortgage troubles by replacing existing mortgage with a more stable and affordable product. Thus, even if you are underwater on your mortgage, you could be considered for HARP 3 mortgage program, a revamped version of the Home Affordable Refinance Program. It must be made known that some approval requirements have to be met by borrower to get qualified for this home affordable refinance plan.

To refinance with HARP 2.0, borrower’s mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009. Besides, borrower should be current on his mortgage and have no late payments in the last six months. It shall be learnt that late payment is defined as one, which is more than 30 days overdue. Most importantly, borrower should not have more than one late payment during the past 12 months to qualify for HARP. Moreover, it must be borrower’s first refinance through HARP. If he has refinanced under the earlier version of the Home Affordable Refinance Program, then he will not qualify for HARP 2.0. With previous version, many homeowners were unable to refinance their mortgages due to some stringent approval requirements associated with the same. Now with mortgage HARP 2.0, more people will be able to solve their mortgage payment troubles and save homes.

However, instead of directly applying for the same, one should consider taking expert support offered by some of the most reliable and well-known online mortgage services. These services, which are associated with the huge and ever expanding online network of mortgage, refinance lenders, help borrowers to find right lender who has best solution for homeowner’s mortgage problems. These services employ the team of knowledgeable as well as experienced mortgage specialists who have spent years in mortgage market and hence know what it takes to be approved for the Home Affordable Refinance Program 2.0. They are aware of overall process requirements involved and hence can provide immense support to borrower who is finding it confusing to figure out if HARP will help him to bring his mortgage payments back on right track or how to be approved for the same.