Many people across Arizona have been unable to refinance their home because they owe on their mortgage than it is worth. For the first few months of the Making Home Affordable (aka the Obama refinance) program, the maximum loan-to-value that was allowed was 105%.
Then in July, it was announced that the new maximum loan-to-value under the Obama refinance program was 125%.
Then many people called in and asked about the Obama 125% Refinance being available — only to find out that lenders weren’t actually set up to do it yet.
But we are now!
Today we got our first lender announcement that you can now refinance up to 125% of your property value under the Obama 125% refinance / Making Home Affordable plan.
So if you are one of the people who has been unable to take advantage of low rates, now is your time… and as luck would have it, rates are scraping the bottom of the range they have been in for months!