Arizona Obama Refinance To 125% Announced Today, it was announced by HUD Secretary Shaun Donovan that people who owed more than 105% of what their home was worth could now refinance up to 125% of the home's value. This means that people all over Arizona can now refinance their home even if they owe more than it is worth -- up to 125% of the home's value. This expansion to the Making Home Affordable plan will help many people right here in Arizona and is another sign that the Obama administration is doing whatever they can to contain the foreclosure problem. Both right here in Arizona as well as all over the US, there will now be thousands of people who currently owe more than 105% of their home's value take advantage of lower rates while they are available. Now, people all across Arizona will be rushing to refinance while rates are low. According to CNN: “The president’s Making Home Affordable plan is already helping far more than any previous foreclosure initiative and with today’s announcement we will extend its reach still further,” said Donovan. News reports in Bloomberg said: “I don’t think it’s going to have much of an impact because you still don’t have enough qualified borrowers,” Miller said, referring to today’s announcement. “It will help on the margin, but the issues with Obama’s plans is that they all focus on affordability and not principal writedowns and at some point they’re going to have to address” that, he said.What This Means For Homeowners In Arizona It is somewhat unclear exactly how much of an impact this expansion will have across the nation - but here in Arizona and in many other states — many, many people owe more than 105% of their home’s value, and this expansion will help. For the most up to date information on the new Obama refinance expansion announcement, be sure to contact a Arizona mortgage expert today!