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6 kwi 2022 · In coordination with Freddie Mac and under the guidance of FHFA, Fannie Mae introduced the RefiNow refinance option that provides expanded eligibility to benefit borrowers at or below 100% of the area median income (AMI) limit and helps more borrowers take advantage of the current lower interest rate environment. RefiNow requirements
RefiNowTM is an afordable refinancing option for qualifying homeowners aimed at making it easier and less expensive to reduce monthly housing costs. The matrix below summarizes our eligibility guidelines for RefiNow. Please refer to Lender Letter LL-2021-10 for additional information.
Freddie Mac uses the Loan Prospector (LU) system and Fannie Mae the Desktop Underwriter (DU) system. Fannie Mae uses the tradename Refi Plus to process the loans under the HARP program, differentiating between the manual Refi Plus and the automated DU Refi Plus.
31 sie 2023 · While Fannie Mae’s DU Refi Plus program may be a relic of the past, understanding its features vis-à-vis the High-LTV Refinance can offer insights. The DU Refi Plus was also designed to help borrowers with high LTV ratios, but its specific terms, advantages, and limitations differed.
The Refi PlusTM/Home Affordable Refinance Program (HARP) helps borrowers with little or no equity in their homes refinance into more affordable mortgages. HARP targets borrowers with high loan-to-value (LTV) ratios and who have limited delinquencies over the 12 months before refinancing.
Fannie Mae’s Refi Plus initiative offers refinancing flexibility to eligible borrowers who are current on their loans and whose loans are owned or guaranteed by the company and meet certain additional criteria.
DU Refi Plus and Refi Plus Options 8 Home Affordable Refinance Opportunities –Borrowers •Existing Fannie Mae loan •An acceptable mortgage payment history •Unable to: – Refinance to obtain a lower payment, or – Move to a more stable product. –Lenders •Automated underwriting (DU Refi Plus) and manual underwriting (Refi Plus) options
