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What is HARP 3?

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Quick Answer

According to Bankrate, HARP3 is the third version of the federal government's Home Affordable Refinance Program. Although HARP3 has not been passed as of July 2014, the Federal Housing Finance Company expects it to pass this year, according to U.S. Finance Post.

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Full Answer

According to MakingHomeAffordable.gov, the Home Affordable Refinance Program helps borrowers with loans from Freddie Mac or Fannie Mae to refinance their mortgages. The U.S. Finance Post states that if HARP3 passes, borrowers who refinance will be charged less in guarantee fees and lower mortgage rates. Borrowers who refinanced under earlier versions of HARP are eligible to refinance again under the new plan. Currently, borrowers may apply to refinance their mortgages until December 31, 2015.

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