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DU Refi Plus transactions must provide a benefit to the borrower in the form of either: Reduced monthly mortgage principal and interest payment, or More stable loan product (ARM to a Fixed Rate mortgage)
Mortgage loans must have application dates on or before December 31, 2018. A new high loan-to-value (LTV) Fannie Mae to Fannie Mae refinance option is scheduled to be available for new loan refinances with note dates on or after January 1, 2019. Use the following link to determine if Fannie Mae owns the loan. http://www.fanniemae.com/loanlookup/.
Each loan must fully comply with all terms FNMA Guide requirements unless otherwise specifically noted above. Clients with access to AllRegs can access the entire Fannie Mae Seller Guide.
PRODUCT DESCRIPTION First lien, fully amortizing, Fannie Mae Conforming DU Refi Plus; fixed rate only. The existing mortgage MUST be a Fannie Mae owned or guaranteed first lien mortgage. DU findings must indicate that the borrower and subject property address are DU Refi Plus eligible.
DU Refi Plus Guidelines 3 Eligible Borrower DU (Approved/Eligible)required These refinance options are intended to assist borrowers by providing a benefit that seeks to ensure long-term homeownership sustainability. The lender must represent and warrant that the borrower is receiving a benefit in the form of either:
26 mar 2012 · The loan casefile must be underwritten according to DU Refi Plus guidelines. Single Family residences that are primary residence and second homes are eligible. Closing costs can be financed into the new DU Refi Plus transaction.
Updates to Eligible Existing Loan Requirements for DU Refi PlusTM Mortgage Loans. Fannie Mae is updating the eligibility requirements for mortgages with certain types of credit enhancement or mortgage insurance coverage for DU Refi Plus mortgage loans.
