Obama's Home Affordability Refinance Program (HARP) raises its maximum Loan-To-Value (LTV) limit from 105% to 125%.
This change finally makes better sense for the average homeowner here in California, who may be facing a distress situation or involved in short sale of their property. Being unable to qualify for a re-fiance if you were more than 105% underwater made no sense in the more expensive areas like California. With unemployment rate continuing to rise unabated, this is a bit of good news.
http://makinghomeaffordable.gov/pr_07012009.html
Steve Mun, Silicon Valley Realtor
www.stevemungroup.com
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