Restrictions on Refinancing with DU Refi Plus™
DU Refi Plus™ has significantly reduced the underwriting requirements for refinancing an existing Fannie Mae loan, however, DU Refi Plus™ does have a few restrictions on refinancing.
Restrictions on DU Refi Plus™:
- Limited cash-out refinancing only (less of 2% of loan size or $2,000)
- No new subordinate financing
- All existing subordinations must be re-subordinated
- Paying off existing subordinate financing is prohibited (limited cash out)
- No ARMs with fixed terms less than 5 years
- No interest-only mortgages
- No balloon mortgages
- No MyCommunityMortgage (MCM) mortgages
- No Texas 50(a)(6) mortgages
- No HomeStyle Renovation mortgages
For more information please visit Total Mortgage or call 1-888-868-2509