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The mortgage industry is like a wave... you can't change the way it breaks... but you can change the way you ride it. 

Introducing Fannie Mae's NEW REFI PLUSTM

Mortgage Plus now provides refinance opportunities to borrowers with existing Fannie Mae loans who have demonstrated an acceptable payment history on their mortgage but due to declining home prices have been unable to refinance to obtain a lower payment or move to a more stable product.


What Refi Plus

Can Do For You!

What Refi Plus

CAN NOT Do

Products: 

Conforming Fixed, Conforming LIBOR ARM (5/1, 7/1, 10/1), High Balance Fixed, High Balance 5/1 LIBOR ARM

 

  • Cash-Out is Not Allowed

 

  • Manufactured or Co-Ops are Not Allowed

 

  • Existing subordinate financing must be re-subordinated

 

  • New Subordinate Financing is NOT Allowed

 

  • Lender Paid MI is NOT Allowed

 

  • If subordinating a 2nd, you cannot lock a loan until subordinate financing is approved and your file is cleared to close.

 

Property Type:

1 Unit SFR, 2-4 Units, FannieMae eligible Condo and PUD’s

Occupancy:

Primary, Second Home & Investment

Maximum Loan Amount:

Standard Fannie Mae Conforming & High Balance limits apply; see matrix for details

Loan Type:

Limited Cash-Out Refinance Only

 

  • Maximum 95% LTV / CLTV

 

  • With a DU Refi Plus Approval a Property Fieldwork Waiver could eliminate the need for any appraisal

(a $75 PIW fee would apply)

 

  • Borrowers on the existing mortgage must be identical to borrowers on the new mortgage

 

  • Declining Market Policies are NOT applicable

 

  • Project Warranty Reviews are NOT Required

 

  • Financed Properties Maximums are NOT applicable

 

  • 1-Day off market for Properties Listed for Sale

 

  • No 60-day Lates in the past 12 months

 

  • Mortgage Insurance (MI) is not required if the existing mortgage does not require MI.

Refi Plus

NEWEST FEATURES!

 

  • Maximum 105% LTV with NO CLTV Maximum

 

  • No Minimum FICO Requirements

 

  • No Maximum DTI Ratios

 

  • Existing Fannie Mae loans with Mortgage Insurance (MI) should be eligible to transfer their MI Certificates to their new Refi Plus loan.

 

What Borrowers

Need to Know . . .

  • To qualify, their mortgage loan must be owned by Fannie Mae.  To verify, contact:

1-800-7FANNIE (8am to 8pm EST) or www.fanniemae.com/homeaffordable

 

  • Refi Plus flexibility ends June, 2010. 

 

You may sign-in and check your loan status here:

Loan ID:

Password:


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Your home can be a great tool to improve your financial position. Let Mortgage Plus guide you to the right home equity loan so you can:

 - Get Cash Quickly
 - Consolidate Your Debt
 - Make Home Improvements
 - Build an Emergency Fund
 - Pay for Education or College Tuition

Save money today AND tomorrow by refinancing your home with Mortgage Plus. Our loan specialists will improve your financial foundation by finding the right refinance loan for you to:

 - Lower Your Payments
 - Get the Cash You Need
 - Consolidate Your Debt
 - Change Loan Programs
 - Build Home Equity Faster

With the right financing, owning a home can be the cornerstone of your financial future. Our loan specialists will find you exactly the right home loan so you can:

 - Get Pre-Approved
 - Buy Your Dream Home
 - Lower Your Taxes
 - Build Home Equity
 - Improve Your Poor Credit