One of the things people might not know about the Government when it comes to various mortgage programs is that just because they say they are doing it, doesn’t mean that lenders are actually doing it.
For example, just because the Government said that they had a good program with the Hope For Homeowners program, it doesn’t mean that any lenders were participating in it — so very few (if any) people were actually helped with the program.
But…
Lenders are actually doing the Obama 125% refinance – or at least one is as of today. Back in early July, the Obama 125% refinance was announced, but just today was the first that I have heard of a lender doing the program.
So if you currently owe more than your home is worth (up to 125% more) and have good credit and are not currently late on your mortgage, you can now take advantage of the Obama 125% refinance.
Over time, I expect that there will be more lenders that will work with you – but for now, there is at least one so be sure to call your Illinois Mortgage Experts today to learn more about whether the Obama 125% refinance can help you in your situation!
