Obama Housing Plans: LTV without limits for ‘hardship’ cases only…rest of refis still hit 105% LTV max…
aww man! the LTV uncapped limits ONLY APPLY TO THE FIRST HALF OF THE PLAN, the one for those who prove ‘hardship’
The refis for the rest of Americans are STILL LIMITED TO 105% LTV ratios…since CA AZ NV FL have lost about 40% of their LTV ratios that pretty much leaves out MOST of the homeowners under water…the good news is if you lose everything they will help you, if you are working and struggling to hang on,…not so much….
So if you bought a McMansion in AZ with a no doc loan that is underwater $100,000 and your ARM is going to adjust Uncle Sam will bail you out. If OTOH you were ‘good’ in your 30 yr fixed and your LTV has fallen off a cliff BECAUSE of the irresponsible yahoos who bought the McMansions you are SOL…..(caveat, since appraisals are not required under these refis with FAN FRED for the non hardship program, you MAY still be able to get refi’d to current rates without being disqualified by being so far underwater)