New Doors Open for Making Home Affordable Refinance Program

The United States Housing and Urban Development (HUD) made an extremely beneficial announcement yesterday July 1, 2009. Secretary Shaun Donovan announced that the Making Home Affordable Refinance program is reaching out to include borrowers who are current but up to 125% underwater on their mortgage.

Treasury Secretary Tim Geithner stated, “This decision is part of our ongoing efforts to maximize the effectiveness of the Making Home Affordable program and adapt to an ever-changing housing market. By expanding refinance eligibility, we can bring relief to more struggling homeowners more quickly. It’s a crucial step in our broader efforts to get America’s housing market and economy on the path to recovery.”

There have been numerous locations that have been hit with the storm of foreclosures, although Las Vegas is clearly in the front line. Las Vegas has the highest amount of foreclosures in the nation, and over two-thirds of its mortgage holders are upside down. This will open up the door for many borrowers who were ineligible before, with mortgages that could not exceed 105 percent of the current market value of their property. This has given hope to many homeowners who were stuck between the 105-125% of their mortgages exceeding their property value. The doors are wide open to refinance, and right now is an opportune time to take advantage of low rates.



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