There has been a lot of talk about the HARP 3.0 refinance plan being put into effect. To apply for bad credit mortgage refinancing loans, click here! However, it is still unclear as to whether such a program will happen.
» Homeowners who do not have Fannie Mae or Freddie Mac mortgages may be allowed to refinance.
» Possibility that 31 March 2009 deadline for Fannie Mae or Freddie Mac mortgages may be completely done away with.
» Permit borrowers, who have already got their homes refinanced to lower rates with HARP earlier, to refinance once again through the new HARP 3.0.Get Quick Approval
Although at this juncture, one can only guess whether the HARP 3 Program will ever be a reality, chances is that the following borrower types may actually benefit if implemented.
If Congress endorses the HARP 3.0 refinancing plan, homeowners might benefit with lower payments. There could be valid reasons for this assumption because of the following facts.
It is being speculated that the HARP 3 refinance plan will reach out to even those borrowers who have not been benefitted with any of the previous federal government housing financial assistance programs. For ensuring that, rules of the HAMP 2.0 may be changed to accommodate the following categories of borrowers.
For enabling more number of financially distressed homeowners to qualify for the HARP benefits, the Obama administration had relaxed eligibility guidelines. Accordingly, for the HARP 2.0, as it is popularly known, LTV restrictions were waived and qualifiers like income proof, assets as well as minimum credit criteria were done away with. In addition, to be approved for HARP 2.0 program, even home appraisals were not required.
The federal HARP 2.0 schedule is still in action and qualifying guidelines are as follows: