Expanding the Making Home Affordable program

Posted on June 21, 2009. Filed under: Finance, Housing, Refinance | Tags: , , , , , |

The Making Home Affordable program may be further expanded to help more underwater homeowners refinance their mortgages.

Though mortgage rates have crept up in recent weeks, current interest rates are more favorable than they have been in the past few years.

However, many homeowners have been unable to take advantage of the low rates thanks to loan-to-value (LTV) constraints, among other things.

The Home Affordable Refinance program currently has a LTV ceiling of 105 percent, meaning even those with no equity or private mortgage insurance can take advantage of the program.

But many borrowers have lost so much equity over the past few years that the FHFA is considering raising that ceiling to as much as 125 percent LTV, according to a Bloombergreport.

http://www.thetruthaboutmortgage.com/making-home-affordable-program-may-help-more-underwater-homeowners/

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