|By PR Newswire||
|March 6, 2014 04:00 AM EST||
SAN DIEGO, March 6, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides up to date and in depth information in a format that is valuable to the most experienced home owners while still being accessible to those who are just starting out with applying for their first home purchase loan. The website, which has quickly become a trusted destination for current news and expert loan advice, empowers homeowners with first class knowledge, valuable resources, and connections to top rated industry professionals. A recent article from the loan advice website takes a look at the proposed new HARP update and gives some information and HARP 3.0 news which may help borrowers understand more of this potential update.
The article starts by saying, "Home values have continued to rise, but there are still millions of homeowners unable to refinance because their properties lost too much value during the housing market meltdown of a few years ago. If you are one of those millions, help could be available to you through one of the best-kept secrets among government housing programs: the Home Affordable Refinance Program (HARP). If you haven't heard of HARP, you aren't alone. The current HARP program, known as HARP 2.0, targets homeowners who are up-to-date on their mortgage payments, but have been unable to leave predatory mortgage situations behind. Their home's value plummeted during the economic crisis and now they are unable to secure traditional refinancing. The HARP program's goal is to help such homeowners achieve a new, more affordable and stable mortgage—something that had seemed far out of reach before the program came along."
The Loan Love article continues by explaining some of the history of the program, including the pitfalls which have hampered the success of the program over the years. Many suggestions to remedy these problems have been proposed and, if approved, would go into affect in a new iteration of the refinance program dubbed HARP 3.0. However, as the article points out, there is no news yet as to whether this program will push through or not.
As the article states, a new director of the FHFA, Mel Watt, briefly brought hope that changes to the program would go into affect this year, but as of now no progress has been made on this front. Loan Love says, "With the changing of the guard at the Federal Housing Finance Agency, there had been renewed hope that there will be a stronger push for some type of HARP 3.0 in 2014. The new director, Mel Watt, was expected to be more aggressive in pursuing HARP 3.0 program proposals. However, in remarks made January 22, Michael Stegman, the top housing policy advisor at the Treasury Department, said his Department believed there should be no change in the HARP eligibility date."
Loan Love ends by saying, "While FHFA Director Watt has not made public any plans regarding changes he might make to HARP, it is likely he will not break from the partisan position stated by Stegman. That means any tweaks to the program are not likely to involve Congress and hope for substantial changes is beginning to fade."
For more information on the HARP 3.0 update, please click here to read the full article on LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]
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