Major Features of Du Refi Plus™

DU Refi Plus™ Major Features & Benefits:

• The Fannie Mae streamlined refinancing is open to condos, co-ops, PUDs, manufactured homes, and other common property types.
• Second homes can qualify for DU Refi Plus™ if they are just one unit, but one to four unit primary residences and investment properties are eligible for the DU refinancing.
• Loan-to-values of the property can go up to 105 percent, and there is no maximum limit on combined-loan-to-values. Subordinate financing is prohibited, which means second mortgages must be re-subordinated.
• If the loan-to-value is 80 percent or less, the homeowner can have a credit score below 580.
• If the mortgage has an adjustable rate, the minimum credit score of 680 is waived when the loan-to-value ratio falls below 80 percent.
• Homes previously subjected to a 75% LTV/CLTV/HCLTV are now eligible for up to 80% LTV/CLTV/HCLTV. Eligible properties include two-unit primary residences with high-balance loans, and three- to four-unit primary residences, investment properties and second home co-ops).
• Salaried workers need just one pay stub and verbal verification of employment.
• Commissioned or self-employed borrowers should submit one year of federal tax returns.
• In some circumstances the homeowner may not need to pay for an appraisal.