New Program Allows For Refis Up To 105% Value

Everybody wants to refinance right now and take advantage of these historic rates, but unfortunately it has been difficult for many to do so due to the fact that home values have dropped. Many folks have been told that refinancing is not possible because there is not enough equity in the home (it is standard for lenders to only offer a re-fi with 20% or more equity). Obama's new Making Home Affordable program will allow millions of homeowners, who don't have 20% equity in their homes, to refinance. The loan must be currently guaranteed or owned by Fannie Mae or Freddie Mac, and it can not have more than one 30 day late payment in the last 12 mos to qualify. For more details regarding this program, READ THIS.