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
