Many consumers,mortgage professionals and lenders like Cali Mortgage have been waiting for the “Refi Plus Program” to go into effect. Below are bullet points that will summarize the benefits of the Refi Plus Program also know as HARP to home owners with mortgage loans.
Refi Plus Program Guidelines:
- Current loan must be a FANNIE MAE (there is a program very similar for FREDDIE MAC owned properties as well).
- No Minimum Credit Score Required.
- New Lender Does Not Need to Be the Current Lender.
- Reduced Income Documentation Allowed on All Loan Applications.
- The automated system most lenders use (DU) will approve borrowers on this program. This will help increase the number of approved borrowers requesting REFI Plus.
- If existing loan does not have mortgage insurance (MI), the new loan will not have MI regardless of the Loan to Value.
- The New Loan must be a 5+ year fixed term loan (5/1, 7/1, 10/1, 15 or 30 year fixed type loan).
- Loan to Value OK up to 125% with an unlimited CLTV subject to the 2nd lender allowing the subordination.
- 3 to 4 unit properties only OK to 105% Loan to Value.
- Eligible mortgages are any loans delivered prior to 3/1/09 to FANNIE MAE.
- Eligible loans are owner occupied, investment and second homes
- Super Conforming and Jumbo Conforming (2008 loans) are eligible
- Condos are acceptable and NO HOA cert is required
- No limit on amount of mortgages you currently have.
- Property valuations are determined by DU – some properties are eligible for appraisal waiver.
- Appraisal waiver is NOT available if LTV is 95% or higher
- 2-4 units and manufactured are NOT eligible for appraisal waiver
- DU will determine income documentation.
- Published debt ratio for FANNIE MAE is 36%, with allowances to 50%
See if you qualify:
Fill out our easy online application at: http://calimtg.com
See if your home is Fannie Mae owned:
https://loanlookup.fanniemae.com/loanlookup/
See if your home is Freddie Mac owned:
http://ww3.freddiemac.com/corporate/
