In a roundtable discussion with the folks over at Zillow today, President Obama gave some hints that HARP 3.0 might still be a possibility. We get the following quotes from a recent HousingWire article on the event:
The next question that came in to the president asked if there was hope for HARP 3 — a topic that, according to Rascoff, made up about 30% of all the questions submitted — to which the president replied “there should be hope.” According to Obama, HARP 3 was an idea that was strongly support by Mitt Romney’s team, and is something Democrats and Republicans can get together and get done, the president added. …
Finally, someone asked what help is available for homeowners looking to refinance but who don’t have a GSE-backed loan — somehow bringing the virtual roundtable full circle as the president said this is where the HARP 3 program comes in. Keep in mind, this would be good for the entire economy, Obama added. With the extra money saved after refinancing, many homeowners would likely be able to buy that new car they need or finally purchase their children a laptop for school.
The president concluded by encouraging everyone listening to contact their local congressman and voice their support for HARP 3.
HARP 3 is the name given to to the idea of the government opening up a refinancing program for homeowners who are underwater or at least have less than 20% equity in their homes now. Currently, only homeowners who are already in a mortgage backed by Fannie Mae, Freddie Mac, FHA or VA are able to refinance when they have no equity. HARP 3 would open the refinancing option to many more borrowers.
It doesn’t sound like HARP 3 is imminent but the fact that the president is talking about it and asking voters to contact their congressional reps about it is encouraging. Bookmark our site to check back for the latest HARP 3.0 news. And contact us in the sidebar to learn what programs are available already.