Fannie Mae and Freddie Mac have announced they will start using the Note date to determine if a mortgage qualifies for a HARP refinance in order to make things more transparent for borrowers. Both Fannie and Freddie are standing firm with the date of May 31, 2009. At least the NOTE date is something a borrower can find instead of using the date Fannie Mae or Freddie Mac securitized the mortgage (which the borrower has no control over).
Almost HARP 3.0: Cut-off Dates Adjusted for Home Affordable Refi’s
October 23, 2013 by 16 Comments
Seattle Rising Home Prices is Good News for Refinancing
September 6, 2013 by 2 Comments
If you have been waiting for Congress to pass HARP 3.0 or have been previously turned down for a refinance because of lost equity in your home, you might consider trying to refinance again.
Hope for HARP 3.0 and #MyRefi
August 7, 2013 by 2 Comments
Today President Obama answered questions submitted by social media savvy Americans which was moderated by Zillow CEO, Spencer Rascoff. It seemed to me the most common questions were concerning HARP 3.0. HARP 3.0 (Home Affordable Refinance Program) is currently a hypothetical expanded version of HARP 2.0 and would allow for more home owners, including those in Washington state, to refinance their homes at present low rates.
HARP 3.0 Update
May 6, 2013 by Leave a Comment
Insider Mortgage Finance recently posted this teaser indicating that President Obama is pushing for the eligibility dates for HARP 3.0 to be expanded.
“The Obama administration has sent a message to the mortgage industry that it wants to expand the Home Affordable Refinance Program by changing the eligibility date for high loan-to-value and underwater borrowers who want to refinance loans financed by the government-sponsored enterprises. According to members of the Mortgage Bankers Association who attended a recent pow-wow at the White House, the administration wants to push the eligibility date for HARP into mid-2010 or so”
I say “teaser” because in order to read the full article, you need to $ubscribe.
The odds of HARP 3.0 becoming a reality may be better should President Obama’s nomination of Representative Watt to head the FHFA become a reality.
Currently many home owners who had their mortgage securitized by Fannie Mae or Freddie Mac June 1, 2009 or later have not been eligible for a Home Affordable Refinance (HARP).
HARP allows home owners who have lost equity and who would otherwise qualify, to refinance at today’s very low interest rates.
Having the securitization date expanded (if not removed completely) would be of great relief to many Washington state home owners.
Stay tuned!
HARP 3.0 Update
February 12, 2013 by 10 Comments
Last week, Senators Boxer and Menendez reintroduced a bill to Congress that would allow more “responsible home owners” to refinance under the Home Affordable Refinance Program (aka HARP 3).
The current average interest rate for a 30-year mortgage is 3.53 percent – a rate that remains near its historical low. Nevertheless, there are nearly 12 million homeowners with loans guaranteed by Fannie Mae and Freddie Mac who could benefit from refinancing, many of whom cannot refinance at a lower rate because of unnecessary red tape and high fees. That red tape has limited competition among banks, so borrowers – even those who are able to refinance – end up paying higher interest rates than they would if they were able to shop around.
Under the Administration’s current refinancing program (HARP), an average homeowner saves about $2,500 per year. This bill would increase the amount they could save and expand refinancing opportunities for millions of eligible borrowers.
S. 249, The Responsible Homeowner Refinancing Act of 2013 removes the barriers preventing these Fannie Mae and Freddie Mac borrowers from refinancing their loans at the lowest rate possible. The bill would:
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Ensure that streamlined refinancing is available and consistent for all Fannie and Freddie borrowers, regardless of whether they are underwater or not
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Reduce up-front fees on refinances
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Eliminate appraisal costs for all borrowers
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Remove additional barriers to competition
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Extend HARP by one year, to allow eligible borrowers more time to access the program.
From this press release, I’m not seeing where this bill would help responsible home owners who do not have mortgages securitized by Fannie Mae or Freddie Mac nor am I seeing that this bill would remove the requirement that the mortgage be securitized prior to June 1, 2009.
Stay tuned…I’ll continue to keep you posted.
