Expert Mortgage Refinancing Advice
For Virginia Homeowners

HARP 3.0 Is Coming & Promises to Save You $3,000


HARP 3.0

President Obama’s State of the Union address created a lot of buzz about the opportunity to save $3,000 with mortgage refinancing at historically low rates. The President promised to deliver legislation to Congress aimed at helping “responsible” homeowners qualify to refinance their homes.

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This new plan allows homeowners under Freddie Mac and Fannie Mae to take advantage of mortgage rates today without qualifying based on credit or equity. Under this new HARP like program, you will not be required to pay for a new appraisal of your home’s value. The President has already overhauled the original failed HARP program by Executive Order, eliminating the 125% loan-to-value requirement.

The President plans on paying for this new program by charging banks and lenders a small fee, which would ultimately be passed on to homeowners; however, this plan would not increase the deficit. President Obama stated it’s time for the banks rescued by the bailout to repay their “deficit of trust.”

The President also indicated the need to reduce red tape and runaround from the HARP program for homeowners seeking to refinance with today’s best mortgage lenders like Amerisave.

Analysts indicated that some 1 million households could be helped by this new mortgage refinancing program. This is a fraction of the six million homeowners undergoing foreclosure and the Administration has not finalized the details, meaning everything you’ve heard to this point is speculation.

You can learn more about refinancing your home with today’s best refinance rates without paying unnecessary discount points or junk fees by checking out my free Underground Mortgage Videos.

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{ 13 comments… read them below or add one }

Roger Ellis March 25, 2012 at 7:22 pm

I keep getting the runaround it not fair if their going to help then help everybody not just FHA loans
I have been told when the 3.0 gets passed I would qualified but can’t seem to get a good answer
If you have one please contact me. Thank you


Melissa April 3, 2012 at 9:11 pm

Like Roger, I’d like to know… what happened to the HARP 3.0 idea? Will it ever really happen? When??? I am very frustrated. I have two rental properties that are NOT Freddie Mac/Fannie Mae mortgages. If I could refinance even down to a 5% APR, I could save $600+ per month. I wouldn’t be struggling as much! Any info???


Robert Regehr April 4, 2012 at 7:54 am

Hi Melissa,

The changes President Obama outlined in his State of the Union Address are what people commonly refer to as HARP 3.0. The President proposed to submit legislation to Congress making HARP law. (to this point is all been done by executive order) The problem with that is the bill he submits has to be passed by both houses and be signed into law. That is time consuming and unfortunately subject to partisan politics…we’ll just have to wait and see.


Liz Kinder April 24, 2012 at 2:30 pm

Any hope for non Freddie/Fannie mortgage holders who are underwater?


Chris June 22, 2012 at 6:48 pm

I have the same question. We have an ARM that will come due next year. While that will lower our rate from its current 5.875, we’d like to refinance at today’s rates but our place is underwater (we bought it in June 2008). We’ve been paying MORE than our monthly bill and never been late. Do we have any options or do we simply have to wait until we are above water?


Brad R May 29, 2012 at 11:56 am

The question is will HARP 3.0 address those homeowners who had LPMI placed on their loan without their knowledge and their ability to refiance. The problem is nobody wants to do the work to transfer the policy from old loan to new loan. And the Home Ownersp protection act of 1998 has a loophole where LPMI can be placed on a loan when its sold w/o notifying a homeowner. Screwed at every end.


Robert Regehr May 30, 2012 at 8:21 am

Hi Brad. Dan Green of the Daily Mortgage Reports wrote an article about HARP and LPMI recently…worth a read!


Jeanne Harper June 29, 2012 at 11:23 am

I am a recent widow, with out both of our incomes and high mortgage payments I am in trouble. I have a 815 credit score and have never been late or missed a payment. I do not qualify for Harp-2 because our loan was made in Sept.2009. i am slightly underwater. My home is worth $100,000 less then we bought in 2006.
When will Harp-3 be available. I am almost out of savings. HELP


Ned October 8, 2012 at 11:22 am

I have a US Bank LPMI loan that is under water.
The bank keeps giving me a run around that I can not refi. When I did the loan in 2008 through my broker I was sold a good idea/deal (so I thought) however my fix 5% 30yr loan had an adder of 2.25% for US bank Insuring my loan. I have a 7.25% loan fixed for 30 and I can not refi because its not Fannie or Freddie. Does anyone have any suggestions?
Will Harp 3.0 help me?


robin kane November 14, 2012 at 7:36 am

As with alot of people I am in desparate need of refi. But I am current on my loan never made a late payment. But the BIG kicker is I have lost my job and my fiance had a horrible year last year income wise. Is there help out there for us. We are going to lose our home.


barry February 23, 2013 at 11:29 am

I see a new Harp 3.0 bill has been introduced by Menendez and Boxer. It would help many people in a situation like yours (and mine) refinance. Anyone guess if/when republicans will allow a vote?


Mike Martin March 5, 2013 at 8:03 pm

I need a new Harp 3.0 to come out soon! The last Harp did not help me. I had refinanced in Aug. 09 so I miss the date.
My primary loan is 5.25 and secondary loan is 9.25 and I have great credit. I just need to be able to qualify and get this refinanced before I just walk away. Having trouble keeping up.


Kris Seelig April 1, 2014 at 6:39 pm

I am just like everyone else. My mortgage is with a NON-Freddie/Fannie mortgage company and I have been paying 8% on my mortgage for the last 8 years. I want to know when our government is going to start worrying about the people who they work for and pay their salaries.
HARP 3.0 needs to be passed for all us who have been trying to get back on our feet after the great recession.
We need our government to find a huge floating life jacket to save us ALL!!



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