I have a 30 yr fixed mortgage at 5.625%.I would like to do some home improvements and pay of some debt. I have heard about the 125% equity loans. Are these available to current home owners or only new buyers?
San Dimas,CA | May 14th 2010
by markhovAnswer
Sorry, these types of loans are not around. The 125% were based upon speculation that the value in your property would rise, but....They used to be available to new homeowners and current homeowners.
The DU Refi Plus/ HARP (Home Affordable Refinance Program) did allow up to 125% CLTV however it was ONLY for a Rate & Term refinance (no cash out). It was designed to allow people to keep their homes and refinance in a more affordable payment even if their values have declined.
