HARP 3.0 has been revised and the bill is being presented to Congress. The bill would change guidelines for ALL Lenders to have access to the exclusive guidelines given to the homeowner's current loan provider/servicer, which will present a level playing field for consumers and/or lenders.
HARP is specific to each agency (Fannie Mae / Freddie Mac ) while there is one set of guidelines for ALL Lenders and another set of guidelines for the homeowner's current servicer. If you decide to refinance under the HARP Program with your current lender/servicer, the guidelines are much easier for you. If the homeowner decides to use any other lender to refinance under the program, the guidelines are much more strict.
The HARP 3.0 proposal would improve several issues such as Underwriting Overlays, Pricing, Non-Servicer refinancing guidelines, etc.....if passed, this will give the homeowner the ability to shop around to multiple lenders so they can guarantee they're getting the best possible rate available to them along with being able to refinance w/ any lender under one set of guidelines. In a nutshell, if passed, this will be very good for homeowners.
If you have any questions, please don't hesitate to reach out to me. I will continue to keep updating this blog when it comes to HARP guidelines and any changes that may occur.
will harp 3 include persons who have conventional loans, we need help also
ReplyDeleteHi is there any further update on harp 3.0? My loan would qualify but it is not an freddie or fannie loan so i'm hoping harp 3.0 will be expanded to those of us with loans not under the fannie and freddie umbrella
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