Loan limit increased to 125% for HARP

The Obama Administration just announced that it is increasing the loan to value limit on the Fannie Mae/Freddie Mac refinance program to 125%. That means that you can now refinance with a loan amount up to 125% of the current market value of your home. If your current loan does not have mortgage insurance, then your new loan would not have mortgage insurance either. This is good news for many homeowners. The prior limit was 105%, so this will open up this program to many homeowners who previously did not qualify. See the related article at CNN money at the attached link http://money.cnn.com/2009/07/01/news/economy/Obama_refi_program/index.htm?postversion=2009070114