One of the great things about the way the mortgage markets work in the last couple of years is that reality always trails the announcement by anywhere from a couple of weeks to a couple of months.
For example, back in July, it was announced that the Obama Refinance was expanded to allow people who owed up to 125% of their home value to refinance – where previously the limit was 105% under the Making Home Affordable plan.
So, a month and a half or so ago it was announced – and just now today I saw the first lender say “ok, we can now do the 125% Obama Refinance!”
So the good news is that at least it is now available. The bad news is that you had to wait a while after it was announced.
Which is pretty much true about anything you hear being announced by the government… listen to it, then wait a little while before it becomes reality.
But if you have been unable to refinance because you owe more than your home is worth… the time has come.
Lenders are now ready for the Obama 125% refinance.
Well, at least some of them are.
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At the same time, reality preceeds the announcements. Most of what’s happening in the housing industry is known by the housing industry long before the general public is made aware because of the failure of mass media. Thankfully we don’t have to depend on them anymore.
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