However, for many borrowers, the rise in home prices has pushed their mortgage into a loan-to-value ratio (LTV) that allows for a regular refinance at today's low mortgage rates. Even with rising home prices, there are still millions of homeowners who can’t refinance.The HARP 2 program was announced in October 2011, and rolled out in March 2012.
This would not technically be a HARP 3 program, but an "almost HARP 3" program.
The HARP 2.0 program worked along these lines, making important changes in the existing HARP program to expand the number of eligible borrowers.
In order to get more borrowers into the program, HARP 2.0: : Even though many borrowers meet the general HARP requirements, lenders are not approving their loans.
Ideas have been offered to improve the HARP 2 program.
Although there have been a number of proposals, no HARP 3 programs have been approved.
Others call for a completely new HARP 3 mass-refinancing program that will help all borrowers, not just ones with Fannie Mae/Freddie Mac owned loans, originated before June 1, 2009.
If you are underwater and want to save money by refinancing, then learn about the different HARP 3 possibilities.
Unfortunately, neither a new HARP 3 program, nor an improved HARP 2 program were passed into action.
In a previous update from January 2014, we mentioned that there was hope that the new director of the FHFA, Mr.
Mel Watt, will more aggressively push for a HARP 3 program.
Many of Watt's proposals were similar to ones proposed by President Obama in his #myrefi mass refinance program.