harp refinancing guide

When will HARP 3.0 be available? Keep reading to find out below.

So far more than 2.7 million households have taken advantage of the Home Affordable Refinance Program (HARP) – saving over $3,000 per year on their mortgage. Soon more homeowners will be able to refinance under the new HARP guidelines.

One of the main benefits of the current version of the HARP program is that homeowners with Fannie Mae and Freddie Mac backed mortgages can refinance even if they were severely underwater.


Now the Federal Housing Finance Agency (FHFA) is looking to expand the program into what many are calling HARP 3.0.

HARP 3.0: Home Affordable Refinance Program

Why is this program making such a stir even before it’s released? Well, it would allow non-Fannie Mae and non-Freddie Mac mortgages to be refinanced. That’s great news for anyone struggling to make their monthly mortgage payments.

It may also allow existing HARP mortgages to be refinanced as well. The program would also expand to include mortgages that were originated after May 31, 2009.

Rumor has it, there is a possibility that HARP 3.0 would allow first and second mortgages to be consolidated upon refinancing.

Even though there are countless homeowners waiting for the release the new refinance program, the good news is that FHFA has extended the current HARP program until December 31, 2016

While there is a bill in congress called “The Responsible Homeowners Act” that could become the backbone of HARP 3.0 – the FHFA does not need congressional approval to expand HARP.

Check back for more updates soon!