On July 1st, 2009, President Obama announced that the refinancing part of the Making Home Affordable plan was being adjusted.  When the plan was first released in March, lenders were urged to let home owners with a 105% loan-to-value apply for a home refinance and likely get a low rate refinance.  Obviously this was not enough as it has been up to 125%.  Lets crunch some numbers to try and explain the different.