About 6.6 percent of conforming first loans have loan-to-value ratios above the new ceiling for the Obama administration's Home Affordable Refinance Program, compared with 16.5 percent under the program's old guidelines, according to an analysis by Zillow.Zillow said that under the old 105 percent LTV ceiling, 14.6 million homeowners with mortgages might have qualified for the program. Raising the ceiling to 125 percent means another 5.6 million homeowners are potentially eligible for the program, Zillow said.Only borrowers whose mortgages are currently owned or guaranteed by Fannie Mae or Freddie Mac qualify for the refinance program (a separate Home Affordable Modification Program is not restricted to loans owned by Fannie and Freddie). There's no telling how many homeowners who fall within the Home Affordable Refinance Program's 125 percent LTV ceiling would be excluded because their mortgages aren't backed by Fannie or Freddie, or because they don't meet other eligibility criteria....
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