The Making Home Affordable program has just released a statement today saying that they will now refinance any Fannie Mae and Freddie Mac loans with a Loan To Value Ratio of 125%. This is only open to eligible homeowners with loans backed by them and begins on September 1st. The LTV limit was formerly 105%, and this opens up doors for millions of homeowners to take advantage of low interest rates even though they have no equity. Those homeowners with private investors holding the loans are still out of luck for the time being.
AND REMEMBER - ONLY 12% of all eligible loans that are currently be reviewed by the lenders are being approved!
Written by:
Nick Shivers
Wednesday, July 1, 2009
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