Posted by GOLDGIRL/CA on 9/24/13 11:46am
Msg #485748

HARP update

This is from today's DSL's e-newsletter:

The Federal Housing Finance Agency (FHFA) announced a new program Monday that will seek to educate homeowners on potential refinancing options under the Home Affordable Refinance Program (HARP). The program aims to inform underwater homeowners of expanded HARP eligibility requirements and encourage homeowners to discuss refinancing options with their lenders.

“To date, more than 2.8 million homeowners have refinanced through HARP,” said FHFA Acting Director Edward DeMarco. “With the launch of this campaign we look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today’s low interest rates by refinancing through HARP.”

In order to publicize the program, FHFA has recruited HGTV personality Mike Aubrey to help promote HARP. “Harp is an absolute no brainer for eligible homeowners. The program allows underwater homeowners the option to refinance at a lower rate and in my book that’s a great deal,” Aubrey said. “I spend my time on TV and as a Realtor trying to get great deals for my clients. FHFA has already done the legwork to create an amazing deal. It’s as simple as finding out if you qualify, getting the refinancing done, and watching the savings add up.”

In order to be eligible under HARP the homeowner must meet the following criteria: The loan must be owned by Fannie Mae or Freddie Mac, the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009, the current loan-to-value ratio must be greater than 80 percent, and the borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.

Reply by Bear900/CA on 9/24/13 12:11pm
Msg #485758

Yes, that is what I was alluding to. Same program reaching out to 2.8 million viewers who haven't yet heard of it or utilized it. Der! Rates....

Reply by Karla/OR on 9/24/13 1:35pm
Msg #485784

Encouraging for homeowners and notaries!! n/m

Reply by 101livescan on 9/24/13 1:36pm
Msg #485785

We need a tornequet, not a bandaid, to fix all the uw mort's n/m

Reply by MW/VA on 9/24/13 2:26pm
Msg #485799

Yes, we really need HARP 3 to pass. I was able to refi

under HARP 2.

Reply by Bear900/CA on 9/24/13 3:00pm
Msg #485805

I assume you mean create a HARP 3 to pass? One doesn't exist n/m

Reply by MW/VA on 9/24/13 5:49pm
Msg #485832

I didn't know that. I thought I'd read here that it was

before Congress for approval, but wasn't likely to pass as it was written.

Reply by Bear900/CA on 9/24/13 6:25pm
Msg #485841

Re: I didn't know that. I thought I'd read here that it was

There was Senate bill 3085, introduced by Senators Robert Menendez and Barbara Boxer.

This bill was introduced on May 10, 2012, in a previous session of Congress, but was not enacted.

Then came S. 249, The Responsible Homeowner Refinancing Act of 2013.

http://www.govtrack.us/congress/bills/113/s249

Prognosis
11% chance of getting past committee.
2% chance of being enacted.

S. 249 was replaced by: H.R. 736: Responsible Homeowner Refinancing Act of 2013

http://www.govtrack.us/congress/bills/113/hr736

Prognosis
9% chance of getting past committee.
2% chance of being enacted.

The latest bill has been introduced and referred to Committee. Nothing has gone to Congress. Not even close.

Odds keep getting slimmer.

Reply by Laura Corbett on 9/25/13 12:03am
Msg #485878

Re: I didn't know that. I thought I'd read here that it was

You're not alone with what you've read or heard MW/VA...see below. Will anything ever happen? There are many opinions - if only we had a crystal ball...

Will Congress Pass HARP 3 This Week?
This week may also be the week that Congress authorizes HARP 3 for use by U.S. homeowners.

HARP 3 would be the third iteration of the Home Affordable Refinance Program. Since launching in early-2009, the HARP program has been used by more than 2.7 million U.S. households.

HARP 3 has been teased by Congress and the White House under several brand names including #MyRefi and "A Better Bargain For U.S. Homeowners". Active bills in Congress refer to it as The Responsible Homeowner Refinancing Act of 2013.

It's unknown how HARP 3 would differ from its predecessor, HARP 2, but any of the following HARP 3 updates are possible :

1.Homeowners can "re-HARP" a prior HARP refinance
2.Homeowners can HARP-refinance a non-Fannie Mae or non-Freddie Mac mortgage
3.Homeowners can HARP-refinance a loan from after May 31, 2009
4.Homeowners can HARP-refinance loans of up $729,750
HARP 3.0 is now in committee in Congress. It may pass this week, next week, or never. The Federal Housing Finance Agency (FHFA) could also pass HARP 3 on its own, without Congress.

When HARP 3 passes, millions of U.S. homeowners will be instantly refinance-eligible.

http://themortgagereports.com/13699/mortgage-rates-preview-will-harp-3-pass-this-week-and-will-mortgage-rates-keep-dropping