HARP 3.0 Details
Millions of American homeowners have felt the hardships brought upon us thanks to the awful housing market conditions of recent times. Foreclosure has plagued too many people at this point but luckily the government is attempting to do as much as possible to reverse the foreclosures. Not to mention they are trying to make sure that no one else has to face the pain that comes with foreclosure. The most recent effort would be Obama’s newest proposal for the Home Affordable Refinance Program. Now being dubbed HARP 3.0.
The new form of the bill would implement some major changes to open up the program to even more American homeowners who are facing underwater situations with their mortgage payments. Perhaps the biggest change that could come out of this bill is the change in the loan to value or LTV. The LTV would be placed at 150% instead of its previous 125%. Another great step is the extension of the eligibility date. It has now been moved to May 10, 2010 to allow for even more homeowners to join the program. The reason this date was chosen was due to the fact that most homeowners that purchased homes after this date had already received a mortgage rate lower than 5%.
There are a couple smaller changes as well worth noting since they are definite advantages for anyone who has yet to take part in HARP. First up would be the removal of verification requirements for things like employment and income (state income loans could make a comeback). The other change is that anyone who requires a manual appraisal will have the fee of the appraisal completely waved.
If you are looking for some more information in regards to HARP or refinancing your mortgage then get connected with a licensed loan officer today by calling 1-800-555-2098. Alternatively you could fill out the form below to be contacted via email.
Please note: If we are unable to complete your prequalification, for any reason, a Riverbank Finance LLC loan officer may follow up with you by phone to offer assistance. We can answer any questions you may have at that time. Submission of this form does not constitute a mortgage application. To apply now or get immediately assistance, call us at 1-800-555-2098.