Harp 3.0 May Soon Be Here!
Originally Harp was designed to help as many as 7 million home owners, but to date it has only helped about 3 million which is far less than it was intended for. With the new Harp 3.0 availability would be open to all types of loans not just Freddie Mac and Fannie Mae; but loans such as Alt-A loans, subprime loans, and portfolio loans. I find it a little odd that subprime loans would be considered for the program, however. “So many of them were obtained with fraudulent paperwork and are laced with problems,” making me question “Why would the government want to get involved such potentially problematic loans?” They may even be discussing feature changes in HARP 3.0-example program eligibility date from May 31, 2009 to some date in 2011; offering more lenient terms on loans of 15 years or fewer; and making softer requirements for HARP investor loans.
Harp 2.0 has changed