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What is #MyRefi?

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Have you been hearing about today’s ridiculously low refinance rates for months now but aren’t sure if you’ll qualify due to your home equity or credit? The government refinance program known as #MyRefi is shaping up to be what people commonly refer to as HARP 3.0. (#MyRefi is called as a hashtag in the twitter world) Here’s the latest HARP 3.0 news and how it promises to help seven million underwater homeowners refinance with today’s best mortgage lenders rebuilding equity in their homes.

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#MyRefi: HARP 3.0 News

The Home Affordable Refinance Program was introduced in 2009 as the solution for underwater homeowners who could not otherwise qualify for mortgage refinancing. The goal was to get these homeowners owing more than their homes are worth refinancing with the best mortgage companies and stimulate the economy in the process. Lowering the mortgage payments for seven million households puts more cash in their pockets for spending, a boom to stimulate our floundering economy.

The original Home Affordable Refinance Progarm program fell flat on its face; lack of lender participation and a restrictive 125% loan to value limit prevented the majority of underwater homeowners from qualifying. At the end of 2011, President Obama overhauled the program to by executive order and is now introducing #MyRefi.

The President’s changes under HARP 2.0 eliminate the 125% loan-to-value requirements opening the program up to anyone owing more than their home is worth.

The Fannie Mae & Freddie Mac Requirement

The biggest obstacle remaining despite lukewarm lender participation in the program is the requirement that Fannie Mae or Freddie Mac backs your mortgage loan. In addition to securitizing your mortgage loan with Fannie Mae or Freddie Mac this had to happen before June 1st of 2009. This Fannie Mae/Freddie mac requirement is too restrictive for many underwater homeowners.

Another problem with the revised HARP 2.0 guidelines is that it leaves too much risk for lenders. Most lenders have adopted their own program guidelines, enforcing loan-to-value requirements as low as 105% to minimize their risk.

HARP 3.0 Changes With #MyRefi

So far the HARP 3.0 news is just talk. The new program known as #MyRefi will build on HARP 2.0 to include even more underwater homeowners. The program is not only rumored to eliminate the Fannie Mae, Freddie Mac securitizing requirement but includes provisions to reduce liability for lenders. Lower risk and improved lender participation should reduce fees and make low mortgage refinance rates available to more households. #MyRefi is gaining momentum in Washington with the proposed Responsible Homeowner Act of 2012.

You can learn more about HARP 3.0 by following #MyRefi on Twitter. You don’t need to sign up for an account to follow #MyRefi on twitter. Here’s the link you need: #MyRefi.

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You can learn more about finding the best HARP lenders while avoiding unnecessary junk fees and points by checking out my free Underground Mortgage Videos.

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