HARP 3.0The Home Affordable Refinance Program (HARP), which was originally proposed by President Obama, may be expanded for the third time.  The program has been in effect for a while now and it seems as if it may undergo yet another transformation to help additional homeowners refinance. Our previous blog post covered the transition to HARP 2.0, which is the current program, and now it seems we will see the emergence of HARP 3.0.  This won’t be a small transformation in anyway as there are quite a few big changes that could benefit many homeowners.

The biggest changes we could see occur will include extension of dates, no income requirements, and higher LTV ratios. The eligibility date could be extended up to May 10, 2010.  This date was chosen, as it seems many home purchases made after this date were made with a mortgage rate below 5%. There will no longer be verification requirements for things such as employment and income (state income loans could make a come back). The loan-to-value or LTV will be switched from 125%, up to 140% for most investors.

Perhaps the biggest change that could draw it several homeowners is the adjustment made to the appraisal costs. Included in the proposal is a change that all borrowers who would require a manual appraisal should have the fee waved. This means that, if you’re someone who lives within a neighborhood that has been struggling with home sales recently. Then your appraisal would be completely waved.  This will save you time in refinancing and will help keep money in your pocket.  Of course, everybody loves free things, so this would be a huge benefit if HARP 3.0 becomes a reality.

All of this is a great attempt to quickly transform and turn around the housing market as soon as possible. This is definitely a step in the right direction to help out those remaining homeowners that are still struggling with their current mortgage payments and find themselves in “underwater” situations.

We here at Riverbank Finance are doing our best to eliminate the worries in the minds of countless homeowners here in Michigan by helping them with refinancing to these historically low rates.  We have partnered with several investors that participate in the HARP loans to offer the lowest rates and fees available.  Even if you have been turned down by other banks for the a HARP refinance, give us a call as we have great programs to transfer mortgage insurance, unlimited LTV loans, and we can even help if you have a second mortgage.

If you would like to see what a few of our previous clients had to say about us, be sure to check out our reviews on Google. Feel free to contact one of our licensed loan officers today at 1-800-555-2098 or complete the form below to see if you are eligible for a HARP refinance.

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