Revise Harp 2.0 or to roll out the Harp 3.0 to help the millions of Americans that are trapped in mortgages with high interests rates that are backed by Fannie Mae or Freddie Mac that are current on mortgage payments & who have no missed payments in 12 months. There are millions of self employed borrowers that that are in a unconventional /Alt- A loans because it was less paperwork at the time they applied for the Mortgage. They can not refi under the current Harp 2.0 guidelines. Families are trapped with 6-7 % interest rate.
Ex: 350,000 30 year fixed @ 6.375 % = $2,184 month.
350,000 30 year fixed @ 3.75 % = 1621.00 payment. Saving of 563.00 month, $ 6,756.00 yearly & $ 202,680 in 30 years. This savings would be spent right back into our economy in so many ways.
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