Dear Easter Bunny can you please bring me HARP 3.0 It was on my Christmas list but Santa forgot. Americans believe that EVERY HOMEOWNER should be able to refinance; not just the lucky. If you have any questions about the current HARP 2.0 program please feel free to contact me.
The basic requirements of HARP 2.0 are:
Less than 20% equity in your house
On-time payments for 6 months
Loan older than 06/01/2009
And now the big one that knocks people out of the program
Your loan must be owned by Fannie Mae or Freddie Mac.
The most important change needed for HARP 3.0 is the removal of the Fannie and Freddie requirements. I have a long list of clients that are waiting for this change.
In the current new mortgage market, most loans are Freddie, Fannie, and FHA. This was not the case in the previous decade. Does anybody remember Alt-A mortgages? Does anybody remember Jumbo mortgages? Imagine what a better world it would be if everybody could refinance and lower their interest rate.
If we want to get this economy moving and the housing market back on track; please implement these changes and allow HARP 3.0 to move forward.
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