Millions of homeowners are waiting for HARP 3.0 to come to
life. Many of us in the mortgage industry are wondering if this will ever
happen. It’s greatly needed and will open up refinancing options for millions
of homeowner with loans that do not fall under the Fannie Mae or Freddie Mac
umbrella.
HARP 3.0 was introduced by U.S. Senators Barbara Boxer and
Robert Menendez, Senate Bill 3085. Expanding the affordable refinancing of
mortgages held by the Federal National Mortgage Association and the Federal
Home Loan Corporation.
President Obama rolled out a #MyRefi Campaign to support HARP 3.0 with Social Media
HIGHLIGHTS
- #MyRefi is a White House initiated social media campaign.
- The Refi program is a HARP 3 mass refinancing program for those homeowner's not supported by Fannie or Freddie
- The Refi Plan will allow underwater borrowers to refinance with limited credit requirements.
If you are one of those homeowners in waiting I believe the
only way to get HARP 3.0 available is to contact your Senators and
Congressman/woman and tell them your story. Put the pressure on them and ask
them to support this bill. Keeping this issue in front of them and the pressure
on to make HARP 3.0 a reality is key to getting it passed.
We are hoping that HARP 3.0 will have most if not all the
same guidelines as HARP 2.0 with unlimited Loan To Value (LTV) and appraisal
waivers. We also have to get rid of the obstacles like 2nd mortgages
and their ability to deny subordinating a new 1st mortgage and MI
mortgage insurance companies currently will not renew the insurance if the loan
is refinanced which doesn’t make sense on the risk factor they face if the
homeowner defaults. On the other hand if
they are able to refinance with a better rate and lower payment there is less
risk. Understanding risk with these
loans as I believe been why HARP 3.0 has not happened. If risk factors were put
in place just like they did with HARP 2.0 revisions, we could all get pasted
this hurdle and start helping responsible home owners reduce they mortgage
payments and hold onto their homes. This is a win win for all as neighborhoods
will rebound and the saved money can go back into new consumer purchasing and
help our economy.
Start by contacting your Senators and legislators’ to get
this passed and available.
Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
NMLS #269926
808-637-0011
