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Orlando, Florida HARP 3: What Homeowners Need to Know…

June 25, 2013


Technically, HARP 3 has yet to pass and there is no guarantee that it will ever pass.  If it were to pass, it would be the third release of the Home Affordable Refinance Program (HARP) to be available to American homeowners since the program launched in 2009.  Despite the fact that the program has yet to make an official launch, support for HARP 3 has gained wide support and steady traction in the nation’s capital, thanks largely to the belief that any responsible homeowner deserves to refinance into lower interest rates.

Under HARP 2, the most current program of its kind in operation, Florida homeowners who have a pattern of making monthly mortgage payments on time may still be locked out of a HARP refinance because of other roadblocks and requirements.  The HARP 3 program, as it has been rumored so far, would seek to reward homeowners with patterns of on time loan payments by removing many of the roadblocks in place which may be preventing them from getting refinance assistance under HARP 2.

Check My Florida Harp 2.0 Eligibility

Perhaps the biggest change that would take effect if HARP 3 is passed would be that it would allow borrowers with loans owned by any backing agency, not just Fannie or Freddie, to refinance into today’s low rates.  Today, only Fannie Mae and Freddie Mac loans are eligible for a HARP refinance, which means individuals with loans backed by the Department of Veteran’s Affairs, Federal Housing Administration, and the U.S. Department of Agriculture are not allowed to enjoy the benefits of a HARP refinance.

The good news is that the talk in Washington leans toward support for a HARP 3 program, but the bad news is that there is currently no way to tell exactly how long it will take for such a program to go into effect, or even how long it will take for Congress to approve the program for a mass release.  Due to all of the uncertainty involved with the program, anyone considering a HARP refinance should speak with a Florida Certified Mortgage Professional.  A mortgage professional will be in the best position to advise prospective refinancing borrowers on currently available options and their best options for a refinance based on their personal credit histories, payment histories, and ultimate refinance goals.  Plus, since mortgage professionals have a constant finger on the pulse of the mortgage industry, the professional will also have the most up to date information regarding HARP 3 and its release.

Check My Florida Harp 2.0 Eligibility

On the bright side, even if HARP 3 does not pass through Congress, other options which are being considered are expected to have many of the same benefits as a HARP 3-like program.  Earlier in this year the U.S. government approved a pilot program that was only extended to residents of a single county in the state of Oregon.  The program boasts many of the benefits of what HARP 3 is proposed to become and is known as the Rebuilding American Homeownership Pilot Program (RAHPP).  For the homeowners who have been fortunate enough to qualify for RAHPP, the program has been a big financial help.  If the program is ever released on a full scale, the a Certified Mortgage Professional will be able to explain the benefits of the program and whether or not the program will be a good choice for a Florida homeowner trying to refinance in Florida.

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Chris Brown
Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog
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Chris Brown
Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog