What is #MyRefi Program 2013 HARP 3
The new offer #MyRefi program, is the next generation of the HARP – Home Affordable Refinance Program programs. Though HARP 3 has not yet passed, it is expected to add many more home owners who are currently left out of the HARP 2 plan.
The Mortgage Reports expects the #MyRefi (HARP 3) to include more borrowers as you can see below:
Here are a few “borrower types” that HARP 3.0 is expected to target :
- A self-employed person who used stated income loan for the original mortgage, and can verify their current income via federal tax returns
- A “prime” borrower who used a sub-prime mortgage because mortgage rates were lower and/or fees were less as compared to a conforming one
- A jumbo mortgage homeowner who lives in a “high-cost area” whose original mortgage was for between $417,000 and $625,500
- A wage earner who used a stated income and/or stated asset mortgage for convenience
- Sub-prime borrower who has paid mortgage as agreed and can verify income and assets
- An Alt-A borrower whose FICOs were low at date of origination, but have since improved
If your mortgage is not backed by Fannie Mae or Freddie Mac, and the MyRefi does pass, than the chances are you might be able to benefit from it. There are millions of home owners who the former HARP programs weren’t relevant for them.
Keep watching for the #MyRefi information.
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