Restrictions on Refinancing with DU Refi Plus™
DU Refi Plus™ has substantially reduced the underwriting guidelines for refinancing existing Fannie Mae loans. However there are some restrictions of refinancing with DU Refi Plus™ does have a few restrictions on refinancing.
Restrictions on DU Refi Plus™:
- Cash-out refinancing is limited to $2,000 or less than 2 percent of loan size
- No new subordinate financing is allowed
- Any existing subordinations must be re-subordinated
- Paying off existing subordinate financing is prohibited (limited cash out)
- Adjustable rate mortgages with fixed terms of less than five years are not eligible for refinancing
- Interest-only mortgages are not allowed
- Balloon mortgages are not eligible for refinancing
- MyCommunityMortgage (MCM) mortgages are not allowed
- Texas 50(a)(6) mortgages are ineligible
- HomeStyle Renovation mortgages are also not eligible for refinancing
For more information please call 1-888-868-2509