Well, maybe. The Obama administration is expanding the Making Homes Affordable plan for refinances of 125% of loan to value. It was previously at 105%. However, no word yet on what other limitiations this expanded plan will have, beyond who backs the mortgage.

Your mortgage must still be backed by Fannie Mae or Freddie Mac and who it's with now and who you will refinance with determines when you can take advantage. Interest rates have skyrocked. The national average rate is now at 5.45% not the sub 5% loans many were so excited about a few short months ago. More information. I'll post the details as they are announced as I'm sure there are many homeowners in our area anxious to refinance.