HARP 3.0 [discussion]

[Program ColumnistModerator]

The New bill at congress is H.R. 736 – To provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Assoc
[See the full post at: HARP 3.0]

[dave]

i really hope that they will do this

[Tina]

We are very interested in the HARP 3.0 program if our loan does not have to be owned by Fannie Mae or Freddie Mac but, will we be eligible if our loan is owned by the VA?

[schip]

i sure hope this is true i am frustrated with of all the prog for fannie and freddy and none for FHA.

[Kristie]

Tina- ask your lender–there is a VA streamline refinance available now….check into it…

[Ron J]

I also had BOA and now M&T. House 100K owe 174K Qualify for harp.
Called M&T was told to call back in March. Can the banks charge any interest rates that they want and if so, can I negotiate with other lenders?

[Sam]

The HARP mortgage program is open to all lenders, which provides competition in the market so shop around.

[candye13]

i was told by bb&t that they would not refinance our loan with the harp program, even though it is owned by freddie mac, because it was a CHIP loan. Is this a valid reason to deny us?

[Dan]

What about a loan that was closed on after June 1, 2009?

[William]

What about having a VA 1st at 4.5 and a 2nd at 9.49 with a private investor group. Can loans be combined into one low interest loan? Problem is that new banks say they need a copy of a subordination agreement that was signed but neither 1st or second will give it to me. What to do to force them. All I get is a runaround from both.

[Vic]

When are they going to take away the MI requirement on the HARP? They are may people who bought their houses with a Lender Paid MI and even though their loan is owned by FAnnie Mae, even though they have never paid monthly PMI, they are turned down due to their loan being a LPMI loan….can this ever change to help out a lot of people on this type of loan program?

[Calvin]

Bla bla bla….I keep seeing moving lips but no action being done….What’s going to happen with my Underwater 5/1 ARM due to reset in two months and my loan is NOT owned by either Fannie or Freddie?

[Elizabeth]

Have you contacted your current lender? Call them and see what they will do.

[Elizabeth]

You should have a copy in your closing papers, but if not, contact the attorney–or title company who closed the loan. They keep a copy of everything. I am not sure VA is going to be willing to add to their risk by blending the loans though. Depending on your equity, you should contact either your local Credit union or USAA( for vets) and see if they can help by refinancing just the second. Your first mortgage looks good.

[Elizabeth]

Yep, it is in the guidelines. They will change the dates on the guidelines, but it will likely take the next HARP legislation…

[Elizabeth Washburn]

Sam is right, but they might not have the same access and might still need to get an appraisal which would sink your ship. Make sure you get the details even if the rate seems great.

[Jojo]

Is there any chance of get rid of PMI in HARP 3

[tricia]

My mort is with Wells Fargo. I qualify for Harp 2 but then keep being informed by my mortg per I don’t. Rule is if your loan is done before 5/2009 you fit into the guidelines. My loan was guarateed by Freddie 3/1/2006. but they say no. So now for Harp 3 you can’t be backed by Freddie Mac so where do I stand. can’t under Harp2 or Harp3 It just doesn’t make any sense to me. Something is not right…any thoughts~

[Christopher]

I closed on my property on May 1st 2009. Chase bank told me I was not eligible because my mortgage was not done, or transferred before May 31st. Is there anything that I can do? I feel this is unfair to the home buyer.
Thanks for your help!

[tricia]

Calvin, I have copied something off the Wells Fargo website relating to the atty general settlment of loans…this should be very helpful to all that are not backed by Freddie or Fannie..this pertains to Wells Fargo but maybe your bank is part of this settlement. GOOD LUCK!!

Q4: How will I know if I qualify for the refinance program?
The vast majority of our customers can qualify for one of our current refinance programs, so you should not delay visiting or calling one of our branch offices to talk to a home mortgage consultant to learn more. Even if you start a refinance in advance of March 1,
if you meet all of the criteria below, we will notify you and then move you down the
refinance process for the Attorneys General settlement.
If you meet all of the following eligibility criteria, you will receive a letter in the weeks following the March 1 start date of the expanded program:
• You are current on your payments, with no delinquencies in the last 12 months
• You owe more than your home’s current market value (a loan-to-value ratio greater than 100%)
• Your loan was obtained prior to January 1, 2009
• Your loan must have a current interest rate of 5.25% or higher
• Your loan balance is no more than $729,750 (for a single family dwelling) in any
of the 50 states and within the highest of the 2010 Fannie Mae/Freddie Mac limits
for two-to-four family homes.
• Your loan is in a first lien position (it is not a second mortgage), regardless of property type — primary residence, second home, or investment property
• Your loan has not been modified in the last 24 months
• Your loan is serviced and owned by Wells Fargo — that means it is not an FHA, VA, Fannie Mae, or Freddie Mac loan, nor is it a loan owned by a private investor
After March 1, a Wells Fargo Home Mortgage consultant will be able to determine your eligibility to refinance

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