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 … [Read more...]
Obama Expands Refinance Program From 105% To 125%
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...]