Countless homeowners have been awaiting relief in the form of a HARP 3.0 mortgage. Although nothing has been set in stone surrounding HARP 3.0, there is good news on the horizon. This good news comes in the form of the Merkley Mortgage.
A new refinance program for homeowners that owe more than their home is worth has been approved for testing.
It’s nickname is the “Merkly Mortgage” rather than HARP 3.0 because it’s an idea that was first proposed by U.S. Senator Jeff Merkley. The official name on the books is the Rebuilding American Homeownership Pilot Program.
As of now, this pilot program will be introduced only to homeowners that live in Multnomah County, Oregon. Widespread thought among the mortgage industry is that this program will serve as a blueprint for programs like the long awaited HARP 3.
This program may be introduced as soon as April 2013 for homeowners in Multnomah County, Oregon. Here is what it’s likely to do:
Eligible homeowners for the Merkley Mortgage will have 2 options – A) a new 30 year fixed at 5% OR B) a new 15 year fixed at 4%.
Eligibility as follows:
- You owe more than what your home is worth
- You have to be current on your mortgage
- You cannot own any other residential property
- You must have plans to stay in your home for at least 5 years
By the way, there are no requirements for your home loan to be owned by Freddie Mac or Fannie Mae (just like HARP 3 is touted to do).
Check back with www.HarpLoan2013.info periodically for HARP 3 updates or updates on the Merkley Mortgage AKA the Rebuilding American Homeownership Pilot Program (RAHPP) OR simply request to be added to our HARP 3.0 Waiting List @ ShawnV@HarpLoan2013.info
