What is HARP 3.0?

 

Home Affordable Refinance Program for non Fannie Mae or Freddie Mac borrowers. The Obama administration may be unveiling  a new variation of  the  HARP program as early as next week.

On Tuesday, President Obama called on Congress to pass legislation that will give all borrowers who are current on their mortgages the opportunity to refinance.

The cost of this proposal will be fully offset by the President’s Financial Crisis Responsibility Fee
HUD Secretary Shaun Donovan

The new proposed HARP 3.0 builds on the momentum of the HARP and HARP 2.0 programs which were revamped last year to help millions of additional underwater home owners in the United States. Guidelines such as loan to value, income requirements, and in home appraisals are being streamlined so that home owners may refinance at today’s low interest rates.

The new program should have all the same benefits without requiring that the existing loan be owned by Fannie Mae or Freddie Mac.