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Refinance with DU Refi Plus:
Refinance with DU Refi Plus:
Refinancing with Fannie Mae has just gotten much easier! With the heavily anticipated release of DU Refi Plus™ the weekend of April 4, 2009, combined with historically low interest rates, there has never been a better time to refinance, and their may not be again in the foreseeable future.
Remarkably similar to the FHA Streamline Refinance process in that DU Refi Plus™ will also "streamline" the refinance process, DU Refi Plus™ differs in the fact that it is not insured by the U.S. Department of Housing and Urban Development (HUD), but rather regulated by Fannie Mae. Fannie Mae is federally charted by the United States government, providing resources to mortgage bankers and lenders so they can, in turn, lend the money to homebuyers and existing homeowners anticipating to refinance their current mortgage. With the release of DU Refi Plus™, a number of underwriting requirements have been relaxed or scratched altogether. Income documentation is significantly reduced, credit qualifications is noticeably loosened and appraisals are waived in certain instances.
Your BankerBroker™ is an expert in the mortgage industry, and has been since 1991.
Our experienced in-house underwriting department - complimented by our knowledgeable and dedicated processing team - expedites the process from application to close, and the process is administered without the slightest concern on our borrower's end. The testimonials of our previous clients speak volumes to our dedication to detail and the importance of customer service.
DU Refi Plus™ Programs's Highlights, Advantages and Restrictions
Highlights of DU Refi Plus™ Program
Advantages and Restrictions of DU Refi Plus™ Program
DU Refi Plus Features!
• Up to even over 200% LTV - No Maximum CLTV
• 620 Credit Score - No Maximum DTI
(DU Approve/Eligible Required).
• No Cash Out Refinance only.
• Primary Residence and Investment Properties.
• Conforming to $417,000 and High Balance
to $625,500
DU Refinance Plus Loans Benefits
DU Refinance Plus Loans Benefits
DU Refi Plus provides faster origination and underwriting of Fannie Mae to Fannie Mae cash-out refinance transactions.
Eligible loans receive:
Increased underwriting flexibilities
Expanded eligibility criteria
Minimum documentation requirements.
DU Refinance Plus Loans - Restrictions
DU Refinance Plus Loans - Restrictions
Limited cash-out refinancing only (less of 2% of loan size or $2,000)
No new subordinate financing
All existing subordinations must be re-subordinated
Paying off existing subordinate financing is prohibited (limited cash out)
No ARMs with fixed terms less than 5 years
No interest-only mortgages
No balloon mortgages
No MyCommunityMortgage (MCM) mortgages
No Texas 50(a)(6) mortgages
No HomeStyle Renovation mortgages
Qualify for DU Refinance Plus Loans
Qualify for DU Refinance Plus Loans
The main qualification for the DU Refi Plus program is that your loan is owned by Fannie Mae. Regardless of which mortgage lender you send your payments and paperwork to, Fannie Mae could still be the owner of your mortgage loan. The lender you communicate with may only be the servicer, not the owner of the loan.
Additional qualification criteria:
Loan must be owned or guaranteed by Fannie Mae
Does Fannie Mae Own Your Mortgage? Loan Lookup Tool
No late payments in the last 12 months
No minimum credit score
1 to 4 Unit Properties, Fannie Mae eligible condos, Planned Unit Developments and Manufactured Homes
Qualifying ratios determined by standard conforming and high balance loan limits are eligible
This program makes the process of loan modification and refinancing easier for the borrowers who qualify. Lower mortgage interest rates means lower monthly payments!
DU uses a proprietary credit risk assessment that evaluates characteristics in the borrower’s credit report to assess the borrower’s overall creditworthiness.
The maximum loan-to-value (LTV) ratio for refinance mortgage loans under the DU initiative has been expanded to 105 percent, and Mortgage Insurance requirements are significantly relaxed. These changes are focused on borrowers living in areas with declining home prices.
One of the goals of the DU Refi Plus Program is to help at-risk homeowners stabilize their finances. Fannie Mae and other lenders will now turn their attention to modifying riskier loans, such as Adjustable-Rate Mortgages (ARM), into more stable loans such as Fixed-Rate Mortgages (FRM).
For more information please call 1-877-410-6663
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