Am I better off waiting for HARP 3.0?

I think you might be referring to HARP 2 not 3. The program is in the process of being rolled out. If you dont qualify for HARP 1 because of your LTV, you should wait. The new program is supposed to have an unlimited LTV. Joe Shamie 866-970-3400 x-274

HARP 2.0 is being launched by many lenders in the next few days. It has removed the loan to value requirement of HARP 1.0 of 125% - so yest you should wait. And under the new program you may not be required to have an appraisal. However, as stated in one of the other answers, lenders may have overlays which may affect your rate and the requirments. Your best bet is to call a Lender 411 broker in your area. They can answer all your questions and get you to the best program. Good luck, Linda

I would have never advised you to go to your current lender (Wells Fargo) to do a HARP loan... Their turn times are ridiculously long and you won't necessarily get the best rate and terms... that being said, HARP 2.0 offers no LTV restrictions, and can be done without an appraisal in most cases.. But Wells can do those now... if they want to... and this is assuming your loan is HARP eligible. Because you have already spent money and are in the Cog... You should probably ride it out and see what he outcome is with Wells... if they turn you down, do be discouraged... there are many lenders out there doing HARP 2.0 loans. Contact a local mortgage broker, and apply with them.. they have access to numerous lenders and can find the right lender for your particular scenario... WilliamAcres.com

I would hold off this week and contact a local mortgage broker next week. You will end up with a better rate if you shop around. You do not have to go to your current servicer to refinance thru HARP 2.0. Good Luck.

As has been said by other's comments, although the Harp 2.0 has rolled out as of today, it seems the lenders are a bit hesitant to proceed with the program not knowing if they can sell the product on the secondary market or not. Also, lenders may have overlays (additional costs above and beyond Harp 2.0) that will increase the cost of the product. Although Harp 2.0 is good in theory, seems the lenders are a bit hesitant to the risks they may incur. I've researched the Harp program for months now, and I'm also trying to refinance, but, it's hard when no lenders will follow the Harp 2.0 unlimited guidelines without overlays. Being you are in the process and have paid the appraisal and fees, either ride it out and see how it goes without incurring further expenses, or ask for a refund, if the lender will even give you one. Maybe we need a Harp 3.0.....one that actually "follows and honors" the guidelines of the Harp program as it was intended. Good luck to all!!!