Old 07-20-2009, 03:22 PM   #1 (permalink)
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Making Homes Affordable Plan Refinance - 105% to 125% LTV

Hi everyone, I came across this site and it looks like there is some good information being exchanged here.

I am currently refinancing my loan under President Obama's "Making Homes Affordable" plan, and it has hit a few road-blocks along the way.

The initial appraisal that came in was absurdly low. I mean completely out of left field where the appraisal company took the lowest sold unit in my condo complex within the past 6 months and attached the price to my home value.

I put together a complete comparables list and had a revaluation performed. The revaluation came in $45K higher that the initial appraisal but I am still approximately $3K from meeting the 105% LTV threshold (I am at 106% right now unfortunately).

A new comparable just surfaced (which is in my favor) and now I am involved in a 2nd revaluation at this time which I expect to get results from soon.

Thinking ahead, does anyone know when the major banks will begin honoring the 125% LTV figure?

Also, I have heard rumors that anything above 80% LTV will have some compromised tax benefits? Any truth to this?

This is the most helpless I have ever felt dealing with another company. I feel like they are not trying to help me, and the appraisal companies are so far off that I have lost any respect or trust that I had for them.

I look forward to your feedback.
Thank you,
Luke


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Old 10-06-2009, 10:11 AM   #2 (permalink)
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Re: Making Homes Affordable Plan Refinance - 105% to 125% LTV

Hi Luke,
I believe that Flagstar is now accepting LTV up to 125%. I believe that the number is 888-757-1140. I was waiting on BofA to refinance as well.
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Old 10-29-2009, 08:11 PM   #3 (permalink)
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Re: Making Homes Affordable Plan Refinance - 105% to 125% LTV

I don't see how there could be any loss of tax benefits based on the LTV of your home. The only thing I can think of is that if you'll be paying less interest you'll have less of a deduction. But you'll still be saving money.

BofA should have their 125% program in a couple of weeks.
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