Guidelines coming soon for Fannie Mae's DU Refi Plus Program

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See below: Got this from one of my wholesale lenders:

Information Regarding Making Home Affordable Initiative with Fannie Mae's DU Refi PlusTM Program and the New Agency and Agency Plus Loan Limits

Making Home Affordable with Fannie Mae's DU Refi Plus Program

Mortgage Company. is pleased to support the "Making Home Affordable Initiative" announced last week which includes the DU Refi Plus program. Working closely with Fannie Mae, Mortgage Company is finalizing credit guidelines and system enhancements to make the DU Refi Plus program available beginning April 4, 2009. The goal of this new refinance option is to provide expanded opportunities for borrowers who have demonstrated an acceptable payment history on their Fannie Mae owned or guaranteed mortgage but have not been able to refinance due to declining property value or an inability to obtain mortgage insurance.

Although formal applications may not be taken at this time, Wholesale lenders should encourage customers who are inquiring about this refinance opportunity to gather relevant information in preparation for the April 4th release date. Once all guidelines and pricing have been finalized, we will communicate when Wholesale lenders may begin accepting loan applications. Locks will be accepted as soon as pricing has been finalized.

Notes:

  • Existing Mortgage Company customers who are unable to qualify for the new DU Refi Plus loan program and may be facing a financial hardship should be referred to Mortgage Company's Default Department (1-800-443-1032, Option #3) for eligibility for the Making Home Affordable Modification Program. Non-Mortgage Company customers should be referred to their existing servicer for eligibility for the Making Home Affordable Modification Program.
  • Freddie Mac's response to the Home Affordable initiative does not include processing through Loan Prospector (LP). Therefore, Mortgage Company will not be offering the Freddie Mac refinance program.

Agency and Agency Plus Loan Limits

The Agency guidelines and pricing adjustments for the new loan limits are expected later this month. Mortgage Company is still awaiting final credit guidelines and pricing adjustments from the Agencies for the loan limit increases, as a result of the 2009 American Recovery and Reinvestment ACT (ARRA). As previously announced, the new limits by Metropolitan Statistical Area (MSA) will follow the greater of 2008 and 2009 loan limits. Once we have this information, Mortgage Company will communicate the expected release date of this enhancement. Until that time, the Agency and Agency Plus loan limits remain unchanged.

Additional information will be provided as available.

Sunil Sethi

www.sunilsethi.com

Comments

Robert Hyder said…
One of the best things about DU Refi Plus is that PMI will not be required on loans if the LTV goes beyond 80% as long as there is no PMI on the existing mortgage loan. The timing for DU Refi Plus couldn't be better so the people who lost so much equity in their homes can still take advantage of these low interest rates and not have to worry about paying PMI.
Monday, March 23, 2009 8:54:00 AM
Sunil The Fremont Realtor said…
that'll be very exciting for folks.
Monday, March 23, 2009 11:22:00 AM
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