For many borrowers it has been a long and hard road over the past months to try to refinance their homes. Prestige has been tight, mortgage clubs are production it harder every day to qualify for a loan, and some borrower's mortgages are more than their homes are worth. But now there may be some relief for many borrowers.
As part of the Home Affordable Act, Fannie Mae has introduced the Fannie Mae Refi Plus program. The Refi Plus program is designed to help borrowers who are current on their monthly mortgage payments, but may advantage from refinancing into a mortgage with good terms and a lower payment.
Current Fannie Mae Refi Plus Programs
Who can advantage from the Refi Plus Program? Borrowers trying to refinance out of an adjustable rate mortgage, or a borrower seeing to lower their monthly payment. an additional one important advantage is for borrowers whose Ltv may have risen to 105%. For instance, let's say your mortgage is 5,000, but your home is worth 0,000. You would be eligible to qualify for this loan because you Ltv would be 105%.
What are some of the major highlights of this loan program?
* Max 105% Ltv and no max for Cltv
* Properties eligible are Owner Occupied, 2nd Homes and Non-owner busy (Investor)
* No mortgage assurance if existing loan does not have mortgage insurance,regardless of new Ltv
* 2nd home must be 1-unit
* For speculation property, no limit on the whole of mortgages to the same
There are many restrictions to this program so call to see if your particular situation will qualify. However. Just a few of the restrictions are if there is subordinate financing, it must be re subordinated. No new subordinate financing is allowed. Loan limits are set to the maximum conforming loan limits for 1-4 unit properties. Most importantly, your existing loan must be a Fannie Mae loan.
New Refinance schedule to Help Borrowers - Fannie Mae Refi Plus
