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 to 16.6 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.

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