Maryland Obama Refinance To 125% Announced

Today, it was announced by HUD Secretary Shaun Donovan that people who owed more than 105% of what their home was worth could now refinance up to 125% of the home’s value. This is great news for people all over Maryland who may have been told they couldn’t refinance prior to today because the previous limit was 105%. Right here in Maryland, this change to the Making Home Affordable plan will help prevent foreclosures – just one more thing that the current Obama administration is doing to help.

Here in Maryland, and in many other parts of the country – there are many people who currently owe more than 105% on their home and prior to today, they are unable to refinance. Now with the expanded Obama 125% refinance, as long as they don’t owe more than 125% of what their home is now worth, they can take advantage of lower rates.

According to CNN reporters:

“The president’s Making Home Affordable plan is already helping far more than any previous foreclosure initiative and with today’s announcement we will extend its reach still further,” said Donovan.

What The Announcement Means For People In Maryland

Although it is somewhat unclear exactly how many people in Maryland will benefit from this change, there are surely many people right here in Maryland who will now be able to refinance as well as many people in other hard-hit states. The best way to find out if you qualify under the new Obama refinance rules is to contact your local loan officer in Maryland and ask them – or contact us for more information.