Mortgage-Rescue Plan to Cover More Borrowers
The Obama administration is expanding the number of borrowers who can refinance home loans under its housing-rescue program, an acknowledgment that more needs to be done to help people who are upside down on their mortgages.
The administration said Wednesday that borrowers with mortgages worth up to 125% of their home’s value will now be eligible to refinance under its program, up from a 105% limit.
To be eligible, borrowers must be current on their mortgages and have loans owned or backed by government-controlled mortgage companies Fannie Mae and Freddie Mac.
Secretary of Housing and Urban Development Shaun Donovan said the higher limits “will make a critical difference in our ability to help many more Americans…to stay in their homes.”
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