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Home Affordable Refinance – DU Refi Plus Program

Fannie Mae’s introduced their part of the government’s Make Home Affordable program called the Home Affordable Refinance Program (HARP). This program was introduced as a way of refinancing existing Fannie Mae loans. The programs goal is to provide homeowners with access to a low cost mortgage refinancing option they may not otherwise have had access to. The federal government’s hope is to allow responsible borrowers the opportunity to reduce their monthly mortgage payments as well as provide the borrower with a chance to get out of the more risky mortgage loans like interest-only and short term adjustable rate mortgages (ARM) and into a longer termed fixed rate mortgage. The programs offered by Fannie Mae allow for refinancing of mortgages with current LTV’s up to 125%.

There are two different refinance options available to eligible borrowers:

  1. Refi Plus: The Refi Plus option, used for manual underwriting, is a simplified way to refinance a Fannie Mae mortgage. Refi Plus loans can support loan to values of up to 125%.
  2. DU Refi Plus: The DU Refi Plus option is a loan underwritten through Fannie Mae’s Desktop Underwriter (DU). The DU Refi Plus program offers limited cash-out refinancing and a mortgage of up to 125% loan to value for eligible Fannie Mae loans. Those loans that are eligible can receive more flexible underwriting as well.

If you have a mortgage owned by Fannie Mae, now may be the time to refinance and lock in a low fixed rate.  Fannie Mae can even accept applications for credit scores less than 580 as long as your loan to value is less than 80%. It may also be possible to have new appraisals waived when using the Refi Plus program. Speak with a qualified lender today and see if you can refinance your mortgage today. Check to see if your loan is owned by Fannie Mae.

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