Fannie Mae Du Refi Plus Progam: Whats are the benefits of this du refi program?

Bloomfield native finds there's no place like home
Bloomfield native finds there's no place like home. Story · Comments. Print: Create a hardcopy of this page … She realistically knew family practice was not a big money-making job and additional training in the other areas would make living in a …
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Speech: President's Address – ACT conference
We occupy a very important part of the New Zealand political spectrum and represent views and promote policies that no other political party does. Since our founding in 1994, pharmacy purchase ACT has been the only party in New Zealand that has … Then followed nine …
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Question by Mike T: Why do mortgage rates go up when the term goes up?
I’m looking at mortgage rates for closed term, discount ranging from 6 months to 10 years, see and I’ve noticed that the rates actually increase as the length of the term gets higher. Why is this the case?

Best answer:

Answer by Ben
The general “rule” in banking and in finance is that the longer the loan, the higher the interest rate.

The reason is that the lender takes on more risk with longer term loans. For example, if the lender commits to a fixed rate 10 year loan to you, but rates rise sharply within 3 years, they lose out on getting that higher interest rate. (conversely, if rates fall, then the bank wins on that fixed 10-year loan to you).

(BTW this sounds like a type of mortgage offered in Canada. Also, interest rates are relatively low now, even if rates are up slightly from a month ago. And, the general fear is that interest rates in Canada will go higher in the years ahead. So locking in something fixed now is a good deal for us the consumers, in my opinion).

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Question by WAAH: What happens if my mortgage company failed to record my deed?
My mortgage company informed me they did not file the deed and wants me to record it. Am I required to have the deed recorded? What happens if i don’t record it?

Best answer:

Answer by wizjp
Means you don’t own the property. At least not legally as without a deed in the public record, approved there is no constructive notice that is required.

Record it.

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Obama Addresses New Mortgage Refinance Program (HARP 3)
The current program allows underwater loans backed by Fannie Mae or Freddie Mac to qualify for streamlined refinance options. Obama is urging Congress to allow this program to reach all homeowners to avoid more future defaults. This new program needs …
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Mortgage Rates: Improving Markets Expand Across the Country
With a HARP loan, cost borrowers can refinance underwater mortgages often without the need of an appraisal since loan to value caps have been eliminated. The HARP refinance program is considered streamlined since documentation is kept to a minimum.
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Question by : Fannie Mae Du Refi Plus Progam: Whats are the benefits of this du refi program?
Recently I have been looking into refinancing my home mortgage. The DU Refi Plus looks enticing to me. What are some of the advantages of using the du refi plus program over other methods like fha refinancing?

Best answer:

Answer by Total
DU Refi Plus™ has significantly reduced the underwriting requirements for refinancing an existing Fannie Mae loan.

Below are the highlights of DU Refi Plus™:

-All property types, check including condos, about it co-ops, cost PUDs and manufactured homes, are eligible for refinancing.

-Primary residences and investment properties are eligible for 1- to 4-units. Second homes are eligible for 1-unit properties only.

-The maximum LTV is 105%. However, there is no maximum CLTV/HCLTV. Because new subordinate financing is not allowed, all existing second mortgages must be re-subordinated. In addition, because cash back is prohibited, all existing purchase money subordinate financing may not be paid off with the proceeds from the new mortgage.

-The minimum credit score of 580 will not be required if the loan-to-value (LTV) is 80% or less.

-The minimum credit score of 680 will not be required if an adjustable-rate mortgage (ARM) has an LTV of 80% or less.

-Properties previously limited to 75% LTV/CLTV/HCLTV will now be eligible up to 80% LTV/CLTV/HCLTV (properties include 2-unit primary residences with high-balance loans, any 3- to 4- unit primary residences, investment properties and second home co-ops).

-Only one current pay stub and a verbal verification of employment (VOE) will be required for salaried employees.

-Only one year of federal income tax returns is required for commissioned or self-employed borrowers.

-Appraisals may be waived or exterior-only inspections may be required on certain loans.

For more information please visit Total Mortgage below or call 1-888-868-2509. We are a trusted financial broker and have been around for over 10 years.

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