Are you looking to see if you fit into the guidelines for the Fannie Mae program designed to help current home owners with a good pay history on their current home loan but may not have enough equity in their home due to poor market conditions, but want to take advantage of the super low rates our market is offering?
The Fannie Mae Refi Plus very possibly is your answer. This loan provides a competitively-priced, streamline refinance option to qualified borrowers who currently have a Fannie Mae® loan. This option is only available to Fannie Mae customers who have demonstrated their ability to repay their mortgage and have verified their information as part of their original loan. As a result, these borrowers may qualify to refinance with minimal documentation requirements.
If your existing loan did not come with monthly mortgage insurance, you may refinance under this loan and have a new loan to value over that 80% threshold that normal would call for a demanded mortgage insurance, but you will not be required to have it…that is if your middle credit score from the three credit bureaus is above 700. In general, this loan is available for new borrowers with a minimum credit score of 620.
Here is a list of loans that can NOT be paid off with the refi plus:
- 2nd liens
- Interest-only loans
- 3/1 Fixed Period ARMs
- Balloon mortgages
- MyCommunityMortgage®
- HomeStyle® Renovation
- Flex 97
- Loans subject to any outstanding repurchase request from Fannie Mae
The cost for this refinance can be slightly cheaper than a normal refinance due to the possibility of having appraisal waivers or exterior appraisal needs only.
Too see if your loan is a Fannie Mae loan and possibly eligible for this opportunity, go here.
If you are interested in seeing if your home is eligible and you are approved, my team can do that work for you if you would just call us at 469-450-2723…we’ll need your current loan number from your current mortgage statement, your current interest rate, the balance on any loans you have on the property, and the type of loan you have.
“DON’T KEEP US A SECRET”!
Jovan Simon
So with the Fannie Mae Refi Plus, can a borrower that refinanced 2 years ago with the HARP program qualify?
admin
I would assume that as long as your address is accepted as a Fannie Mae property, and you do not currently have Private Mortgage Insurance on your loan, you would be fine. If you would like me to look into this for you, and have the opportunity to refinance you as well, I’d be glad to help.
Brad