Texas Best Investment Home Mortgage Fannie Mae DU Refi Plus Refinance
Fannie Mae introduced a refinance program for borrowers with investor properties that have an investment home currently financed with a Fannie Mae guaranteed loan. You, the home owner would not know if your current loan is a Fannie loan…it could be with Wells Fargo, Bank of America, or any other lender and still be a Fannie loan.
Previously, I posted on the DU Refi Plus for Primary residence refinance.
The DU Refi Plus for investment properties is significant because it allows you to refinance at a higher loan to value than current market investment loans. Right now, most lenders and investment home guidelines only allow for a 75% loan to value, but this program allows for an 80%. The good thing about it also, you do not sacrifice rate. It comes with the same rates as a normal rate and term investment refinance.
Find Out if Your Mortgage Loan is a Fannie Mae Loan
One way to find out if your home is eligible for a refi plus is to check on Fannie Mae’s look up tool. There are cases where addresses are not recognized in this tool and your current home is still a Fannie loan, and there are times when the tool does not show your home loan as a Fannie loan when it is. If you would like me to check for you, for free, we as loan officers in the industry have an automated site that lets us communicate directly with Fannie Mae electronically and we can find out for you.
Contact me for questions or submit a free online application and I will get the process started to make sure your loan qualifies for this, and I can take you through the fastest loan processing transaction you have ever worked with in our Fast Track process.
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The good thing about it also, you do not sacrifice rate. It comes with the same rates as a normal rate and term investment refinance.