Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program

Freddie Mac 97 Home Possible Refi – The So-called mini HARP 3.0

I am sorry to say this but HARP 3.0 has essentially reached a dead end. That has left a lot of underwater home owners that were counting on HARP 3.0 to refinance in a bind. I am often asked to give my opinions on other options. In the past I have been hesitant to do so. I can not in good conscience suggest walking away from a debt. In some instances the best option, perhaps the only option, is a short sale. But I’m not qualified to give anyone specific advice like that. I always tell people to consult with their attorney or tax professional before contemplating any major change with their existing underwater mortgage. Until recently there really were no good alternatives to the Home Affordable Refinance Program. But a new program from Freddie Mac was just recently announced that may be able to help some people that were unable to take advantage of HARP. Some mortgage professionals have even dubbed the program “mini-HARP 3.0″. The program is called Freddie Mac 97% Refi: Home Possible Advantage. Here are the details on the program:

  • Maximum 97% LTV
  • Non-Freddie Mac and -Fannie Mae loans permitted
  • Borrowers must be at or below income limits for their area (click for details)
  • The current loan is not an FHA, VA, or USDA loan
  • The current loan had not been HARP-ed
  • No cash out option
  • Loan amount is less than $417,000
  • The property is a 1-unit home, condo or PUD
  • The new loan is a 15, 20, or 30 year fixed rate mortgage


  • So who does this new loan help? Well, if you were unable to refinance under HARP because your loan was not held by Fannie or Freddie and you are only a little underwater then this program might actually help you. The loan is only possible up to 97% LTV, but if you are only slightly underwater at around say 105% LTV, it might make sense to scratch together enough cash to get to the 97% LTV requirement in order to refinance into a significantly lower mortgage rate. Mortgage rates are still very low. Contact a trusted mortgage professional today if you think the Freddie Mac Home Possible Mortgage can help you refinance.

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    Updated: February 1, 2015 — 6:04 pm

    9 Comments

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      1. Wendy, I was disappointed when I saw income limits for my area too. The real middle class always gets the shaft. Earn too much and get disqualified for low income breaks, but never earn enough to take advantage of the tax breaks designed to benefit the wealthy.

    1. We evidently make just over the income limits. This is so ridiculous. Still getting dumped on. Still can’t get help because of the mess that we had nothing to do with.

    2. I am so frustrated with this HARP 3 issue. I was hoping to get some relief but to no avail. My loan is not owned by Fannie or Freddie and my own credit union knows it and will not refinance my loan. I am still underwater!
      It’s about time for something to happen for responsible people whose loan is not owned by Fannie or Freddie!! My only other option is to do what I see others have done – just stop paying, purchase a cheaper house and walk away from this one.

    3. Esto es una burla. Escribamosle al Presidente Obama y a los congresistas para dejarle saber es descontento. Esto es discriminatorio. Exijamos el HARP3.

    4. Harp 3 was my only hope………..and its the people who have these conventional loans that are needing the most help! I have a 9.25% interest rate and have tried just about everything to get it lowered and now one want to help. I was counting on Harp 3 as my only solution…….:(

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