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HARP 3.0 Bill Gets Renewed Push In Congress
A third HARP 3.0 -like mortgage bill has been introduced in Congress.
Following the failed Responsible Homeowner Refinancing Act of 2012, Senators Robert Menendez and Barbara Boxer have re-drafted their landmark refinance bill meant to help underwater U.S. homeowners get access to today's low mortgage rates.
The Responsible Homeowner Refinancing Act of 2013 proposes to eliminate certain closing costs, including the cost of home appraisal, and to make it simpler for homeowners to "change servicers" via the Home Affordable Refinance Program (HARP).
Click to get today's HARP mortgage rates.
The Next HARP : No Job Verification, No Income Verification? The Home Affordable Refinance Program (HARP) was first launched in February 2009. It gave homeowners whose mortgages were securitized by Fannie Mae and Freddie Mac, and whose homes had lost value since the housing market peak, the ability to refinance into new, lower mortgage rates without incurring new private mortgage insurance (PMI) costs.
Via HARP, a homeowner who had put 20% down on a home, then subsequently lost that equity, could refinance without requiring PMI.
In 2011, HARP coverage was expanded into the program we now call HARP 2.0.
HARP 2.0 eliminated the original HARP's 125% maximum LTV limitation, which allowed for ... more
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