Fannie Mae announces Fannie Mae® DU Refi Plus™ Program

The Fannie Mae® DU Refi Plus™ provides a streamline refinance option for qualified borrowers who currently have a Fannie Mae loan, even if they do not have enough value in their home under traditional loan to value guidelines.

The program provides additional underwriting flexibilities including expanded eligibility criteria, as well as reduced documentation requirements. Fannie Mae customers can now take advantage of today’s lower interest rates in addition to less documentation.

The DU Refi Plus offers a competitively-priced option to existing Fannie Mae customers who are seeking to refinance their current mortgage. This option is only available to Fannie Mae customers who have demonstrated their ability to repay their mortgage and have verified their information as part of their original loan. As a result, these borrowers may qualify to refinance with reduced documentation requirements.

Please note that this product will undergo additional changes in May. This program will be further expanded to allow for additional refinance options to achieve the goals established for the Home Affordable Refinance
initiative, which was announced by the Department of the Treasury on March 4, 2009. This includes the availability of loan-to-values up to 105%.

Program features:
• Up to 105% LTV to qualified borrowers (You can owe for then your home will appraise for)

• Loans may be eligible for a waiver of appraisal or an exterior-only property inspection

• Mortgage insurance is not required for loan to value greater than 80% if existing loan being refinanced does not currently have mortgage insurance

• Allowed only on “no cash out” refinancing. Closing cost and escrows can be included so you will not be required to bring any cash to closing.

Designed for borrowers who:
• Express an interest in refinancing

• Have an existing Fannie Mae mortgage

• Would like to refinance more quickly than with other refinance options

• Will benefit from a lower monthly payment

For more information, contact Orlando Home Mortgages today.