HARP 2.0 and HARP 3.0 What is that let us know if we can help you http://www.sandiegohouseshop.com/contact
HARP 2.0 & 3.0: What is HARP 2.0 & is there a HARP 3.0 ?: You can Count on us SANDIEGOHOUSESHOP.COM AT (619) 354-4636 or Click here http://www.sandiegohouseshop.com/contact to Reach a CH...
Friday, November 30, 2012
What is HARP 2.0 & is there a HARP 3.0 ?
You can Count on us SANDIEGOHOUSESHOP.COM AT (619) 354-4636 or Click here http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO SHORT SALE SPECIALIST Hugo Sanchez Realtor
HARP 2.0 & HARP 3.0???
HARP stands for "Home Affordable Refinance Program" and it is a government-backed refinance program. Launched in 2009 so it can stimulate the economy. Back then rates were going down but not very many home owners were able to refinance due to no equity on their homes.
HARP would waive some of the requirements and several people took advantage of it.
In 2012 HARP was changed and became HARP 2.0 the biggest change in HARP 2.0 was that several of the prior requirements were waived like:
1.The loan to value requirement was waived
2 Proof of income
3. Proof of asset requirements
4. Minimum credit score requirements
In many cases HARP 2.0 would not ask for appraisal !
HARP 2.0 was made to change and make some things easier for the Mortgage owner BUT is has 3 Basic requirements:
- To use HARP, you must have less than 20% equity in your home
- To use HARP, you must have paid your loan on-time for the last 6 months
- To use HARP, your loan must have been taken out prior to June 1, 2009
- To use HARP, your mortgage has to be Backed by Freddie Mac or Fannie Mae
Do you think you qualify ?
Give us a call or visit us at
Is there a HARP 3.0??
There have been talks about HARP 3.0 by congress at this point !
HARP 3.0 will be very similar to its counter part HARP 2.0 but it will include all non conforming loans.
Which this may qualify a lot of US borrowers at the moment. Of course HARP 3.0 will have some new features added to it and of what we can speculate and see by the talks in Congress are as follows:
1. If you were self employed at the time your mortgage was granted and you are still self employed no and can verify your income via Tax returns
2. An "A" Borrower that used a sub-prime loan because interest was lower and/or fees were less than a regular conforming loan
3. If you live on a HIGH cost area and you used a jumbo loan
4. If you used a stated income at the time the loan was granted and now can prove income is enough to keep the mortgage
5. If you been paying your mortgage on time and not missed a payment within the 12 month
6. If your FICO score was low when the loan was granted and now it has improved
Now keep in mind this are only speculations of things that we heard congress is talking about once it becomes a fact then this terms will be change and adjusted to the limitations and regulations of that time.
Time of release of HARP 3.0?
As Congress talks continue time for HARP's 3.0 release has not been set for any near future. So chances are that it may even go to the middle of 2013 until we get any more information.
If you have any more questions please feel free to contact us http://www.sandiegohouseshop.com
If you think for any chance your situation can not wait until HARP 3.0 comes out and you need to know your options to not get foreclosed on your Chula Vista San Diego Home, please let us know we can help, take control over your situation!
Team Sanchez from www.SanDiegohouseshop.com
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