Q:

Is there a release date set for HARP 3.0?

A:

Quick Answer

While the Federal Housing Finance Agency (FHFA) has announced the extension of the Home Affordable Refinance Program (HARP) to December 31, 2016, there are no indications that HARP 3.0 will happen any time soon as of August 2015. The 1-year extension will give qualified homeowners a chance to benefit from the HARP mortgage refinance assistance. Eligibility requirements to participate in the HARP have not changed.

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Full Answer

The HARP program is a government-backed refinancing program that allows homeowners with mortgages to take advantage of refinancing regardless if they owe as much or more than the value of the house. Analysts believe that the planned HARP 3.0 will expand eligibility requirements to homeowners with non-Freddie Mac or non-Fannie Mae mortgages.

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