HARP reboot - can you take advantage of it?

Real Estate Broker/Owner with Robin Rogers, Silverbridge Realty, San Antonio, Texas 398351

Family in front of their San Antonio home

A couple of Senators have been hard at work trying to help struggling home owners.

The Responsible Homeowner Refinancing Act of 2012, the landmark bill to help home owners refinance to lower rates, has been redrafted. Senators Robert Menendez and Barbara Boxer propose to lower closing costs, reduce qualification requirements, and even make it easier to change mortgage servicers with the Home Affordable Refinance Program (HARP).

The most interesting part of HARP 3.0 is its proposal to relax the underwriting guidelines on the home owner's income and employment status. Instead, the borrower’s payment history needs to be good; specifically, current and with no late payments for at least 6 months.

Homeowners need to have a mortgage currently securitized by FNMA or FHLMC on or before May 31, 2009, with a loan to value ratio of at least 80%. The Menendez-Boxer bill also extends the expiration date of HARP 3.0 to December 1, 2014.

These changes could benefit nearly 12 million home owners with loans guaranteed by Fannie Mae or Freddie Mac. Are you one of them? Urge your member of Congress to support passage of this bill.

Posted by


Robin Rogers, REALTOR, Broker-owner, TRC, MRP, CRS

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Comments (4)

Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Hi Robin, let's hope this really does work for the majority of the 12 million homeowners that could benefit from this program. Some of the past programs have been dismal failures, but I remain optimistic.

Feb 22, 2013 06:21 AM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Robin, this post is a good example that there are people in Congress there trying to get things done for the good of the citizens.  Sometimes when all we see are the roadblocks, it's hard to remember that.  I'll contact my representatives and urge them to support the bill.  There are still plenty of people deserving a little help.

Feb 23, 2013 09:39 PM
Robin Rogers
Robin Rogers, Silverbridge Realty, San Antonio, Texas - San Antonio, TX
CRS, TRC, MRP - Real Estate Investment Adviser

Thanks, Kathy and Mona! Refinancing to lower rates needs to be easier.

Feb 25, 2013 09:53 PM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORSĀ® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale
Robin-I've not heard of this plan. The issues around sequester, drones, and Libya have sucked attention away from the day-to-day issues that affect millions. Sounds like the makings of a good plan. I hope they're able to get something done.
Mar 01, 2013 11:43 PM