Georgia Obama Refinance To 125% Announced
For many people living in Georgia today’s announcement from HUD Secretary Shaun Donovan means that they can now refinance their home where prior to the announcement, they could not. Today, it was announced that the Obama refinance plan was expanding its guidelines to allow people up to 125% (from 105%) “underwater” to still be eligible for a refinance. Right here in Georgia, 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.
Both right here in Georgia as well as all over the US, there will now be thousands of people who currently owe more than 105% of their home’s value take advantage of lower rates while they are available. Now that many people in Georgia can qualify based on the new Obama refinance program guidelines, there may be a “rush” to refinance while rates are low.
As reported by CNN:
The move acknowledges that home prices in many areas have fallen so far that many people were shut out of the program. Some 67% of homeowners in Las Vegas — one of the hardest hit areas where Housing Secretary Shaun Donovan announced the expansion Wednesday — owe more than their homes are worth.
According to Bloomberg:
Paul Miller, an analyst with FBR Capital Markets in Arlington, Virginia, said mortgage brokers have told him that many aren’t sending borrowers through the program because it’s cumbersome and the loan applications “still have a lot of bells and whistles, which makes them difficult to do.”
What This Means To Georgia Homeowners
While it is difficult to tell exactly how many people in Georgia will benefit from this change, there are surely many people right here in Georgia who will now be able to refinance. The best way to find out if you qualify under the new Obama refinance rules is to contact your local loan officer in Georgia and ask them – or contact us for more information.
