Today HUD Secretary Shaun Donovan announced that the Obama Refinance - also known as the Making Home Affordable Plan -- was expanding the guidelines to allow people to refinance their homes up to 125% loan to value. This means that people who were previously under water by more than 105% and couldn't refinance under the Obama refinance plan can now refinance their homes as long as they do not … [Read more...]
Obama Refinance: Is 105% Going To 125%?
Many people in who are current on their mortgage payments and want to refinance their home have spoken with their lender about the Obama refinance -- where they can be up to 105% "under water" and still get a Fannie Mae / Freddie Mac loan. What they are finding out once their appraisal comes back is that they are actually "under water" by more than 105% -- and now they are trying to decide what … [Read more...]