New Regulations — Refinance up to 125% Loan-to-Value
Refinance Rules Expanding to 125% Loan-to-Value
By: Diana Olick, CNBC Real Estate Reporter / 01 Jul 2009
”Homeowners refinancing their mortgages through loans backed by government agencies will be able to borrow up to 125 percent of their homes’ value under new regulations enacted Wednesday.
The rule changes, part of the government’s attempts to restore housing affordability and stem the foreclosure crisis, apply to loans backed up by Fannie Mae and Freddie Mac.
Previously, homeowners could borrow up to 105 percent of their home’s value. The new loan-to-value ratio is set up at 125 percent in a further effort to address those mortgage holders who owe more than their homes are worth.”
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