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DU Refi Plus 3/14/13. DU Refi Plus  Streamlined refinance offered through Fannie Mae  DU Refi Plus is allowed on: 1-4 unit owner-occupied 1 unit second.

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Presentation on theme: "DU Refi Plus 3/14/13. DU Refi Plus  Streamlined refinance offered through Fannie Mae  DU Refi Plus is allowed on: 1-4 unit owner-occupied 1 unit second."— Presentation transcript:

1 DU Refi Plus 3/14/13

2 DU Refi Plus  Streamlined refinance offered through Fannie Mae  DU Refi Plus is allowed on: 1-4 unit owner-occupied 1 unit second home 1-4 unit investment  DU Refi Plus will allow Property Inspection Waiver (PIW)  Maximum cash back to borrower is $  Verify current loan ownership  KnowYourOptions.com by Fannie Mae KnowYourOptions.com

3 DU Refi Plus Loan Parameters  Fannie Mae acquisition date must be prior to June 1, 2009  ≤ 100% LTV minimum 640 Credit Score  % LTV to 150% LTV minimum 680 Credit Score  Unlimited CLTV  All existing subordinate financing must be re-subordinated or paid off with borrower’s own funds. New subordinated financing is only permitted if it replaces existing subordinate financing.  Existing purchase money subordinated financing may not be satisfied with the proceeds of the new DU Refi Plus loan.

4 DU Refi Plus Loan Parameters ≤ 125% LTV  ≤ 125% LTV eligible: 1-4 unit primary residence including condos and PUDs 1 unit second home 1-4 unit investment property Conforming and High Balance loan amounts Minimum 680 credit score % LTV – 125% LTV 0x30 in previous 12 months. 1x30 in previous 12 months by exception

5 DU Refi Plus Loan Parameters % - 150% LTV  % – 150% LTV eligible: Owner-occupied 1 unit single family including condos and PUDs Conforming loan amounts only; no High Balance Minimum 680 credit score 0x30 in previous 24 months

6 Benefit to Borrower Borrower must receive a benefit from the refinance as follows:  Reduce monthly principal & interest payment  A reduced interest rate  A reduced amortization term  A more stable loan product (ARM to FIXED)  Interest only to fully amortized  A 30 year to a 10, 15, 20 year term allowing borrower to build equity more quickly is allowed

7 Appraisals  Appraisal requirements per DU Findings  If a Property Inspection Waiver (PIW) is granted the loan must be re- submitted to DU using the estimated value provided by DU. An AVM/2055 is not allowed in lieu of re-submitting to DU with estimated value  If a PIW is not granted by DU an appraisal will be required per DU

8 Borrower Eligibility  Borrower(s) may be added to the new loan provided the original borrower(s) remain on the loan.  A borrower may be deleted from the loan as long as one original Borrower remains on the loan.  The borrower being removed from the loan must also removed from the deed and will retain no ownership interest in the property.

9 Mortgage Insurance  Loans with or without existing MI are eligible.  Loans with existing MI, the existing MI must be from one of the following MI Companies: Genworth MGIC United Guaranty Radian If existing MI is lender paid (LPMI), only single premium LPMI is eligible.  The DU Findings will indicate if the loan has MI and the current MI provider. The original MI company provides the MI modification.

10 Ineligible Transactions Ineligible Transactions:  Loan has previously been refinanced under HARP (with exception of loans refinanced between March 1, 2009 through May 30, 2009)  Loan is currently under a repurchase agreement  Loans with a temporary buy down


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