Current 30 year fixed mortgage interest rates are seriously trying to challenge their all time lows while Current Adjustable Rate mortgage interest rates may be at their all time lows especially the 5/1 Adjustable rate mortgages maybe available in the 2% range.
Fannie Mae's Du Refi Plus
In case you haven't heard Fannie Mae's conforming mortgage program has a stock called Du Refi Plus: Fannie Mae 's Du Refi Plus conforming mortgage loan program will allow you to refinance your current Fannie Mae conforming mortgage up to a Loan to Value (Ltv) of 125%
Why would I need a Du Refi Plus?
This singular conforming mortgage program released by Fannie Mae is especially helpful in assisting borrowers who have a higher interest rate yet were unable to refinance their current mortgage due to the value of their property declining.
Du Refi Plus real life example
Let's say you purchased your home for 0,000 and you put 20% down cost for a loan whole of 0,000. You tried to refinance except now your home is unfortunately only worth 0,000 and your principle equilibrium is 238,000, then you add in some conclusion costs and your new loan whole would have to be in the vicinity of 242,000. Fannie Mae's Du Refi Plus program will still allow you to refinance while under normal situations and normal guidelines without this program, it would be impossible to refinance unless you came to the table with money to pay down the principle equilibrium on your mortgage to appropriate levels.
Fannie Mae's Du Refi Plus conforming mortgage program will allow for your current mortgage to be refinanced with a lender who is not the current servicer of your present mortgage. (Contingent on individual lenders' guidelines)
Who is the Du Refi Plus mortgage program for?
Fannie Mae's Du Refi Plus conforming mortgage program is best grand for those borrowers who do not currently have mortgage insurance. Although Fannie Mae does allow for current loans with mortgage guarnatee to be eligible for this program, it is fascinating to find a lender who will allow it. You may be best off to check with your current servicer first if you presently have mortgage guarnatee on your current mortgage.
Fannie Mae's Du Refi Plus conforming mortgage program does not limit borrowers based on reputation score, debt to wage levels, property type or occupancy types as long as the new loan will advantage the borrower and put them into a best situation. All loan applications for this program will have to be run straight through and beloved by Fannie Mae's self-operating Underwriting System. individual lenders may have their own guidelines and requirements even if your loan application is beloved by Fannie Mae's Aus engine.
Du Refi Plus loan amounts
Fannies Mae's Du Refi Plus mortgage program also includes loan amounts greater than 417k (for singular family Residences) which are allowed in both their permanent High equilibrium loan program (625,500 max for a Sfr) and their Temporary High equilibrium program (729,750 max for a Sfr) based on the proper limits per individual areas.
Freddie Mac's Conforming Mortgage Loan
Freddie Mac's Relief Refinance program also offers a conforming mortgage loan program very similar to Fannie Mae's conforming mortgage loan program Du Refi Plus. Freddie Mac's program also allows a refinance of a current Freddie Mac loan up to 125% Ltv. Efficient October 1, 2009 Freddie Mac released their "Open Access" program which will allow any lender to refinance another servicer's mortgage as long as the new and current mortgage are both Freddie Mac loans. Up until October 1st, Freddie Mac only allowed the current mortgage servicer to refinance the mortgage.
In spite of the current state of the economy, there are a lot of foreseen, opportunities to finance a purchase of a new home or refinance your current home at what may be carefully interest rates at ignorant levels: Definition of ignorant from Webster's Dictionary: "lacking knowledge or insight of a the thing specified' While it may be difficult to comprehend current mortgage interest rates at these levels that doesn't mean they do not exist or not available.
The Federal Government's First Time Home Buyer Tax reputation of up to 8 thousand dollars expires in 1 month and 24 days.
Current Mortgage Rates and Fannie Mae's Du Refi Plus agenda
