Mortgage Grapevine

Du refi Plus Stated income up to 105% loan to value (low rates)

Program Description ▪ DU Refi Plus is a limited cash-out (Rate&Term) refinance program and is available only for loans with
No Mortgage Insurance on the existing loan.
▪ Cash back to the borrower not to exceed $250. If changes exceed $250, the loan amount
must be adjusted and principal reduction is not allowed.
Borrower Benefit The borrower must be receiving a benefit from refinancing under DU Refi Plus in the form of either:
▪ Reduced monthly mortgage payment or
▪ More stable mortgage product, such as:
- ARM product -> Fixed
- Interest Only -> Fully amortized
- 30 yr term to 15-year term
▪ The required borrower benefit must be noted in the underwriter approval rationale on the 1008.
▪ The existing loan must be currently owned by Fannie Mae. To determine FNMA ownership, go to
https://www.efanniemae.com/sf/mha/index.jsp
▪ An accurate address is critical to determining if the subject property address on the loan casefile
matches a subject property address for an existing Fannie Mae loan. Incomeplete and/or inaccurate
property address data may prevent a loan casefile from being underwritten according to DU Refi Plus
underwriting guidelines.
Borrower Eligibility ▪ Borrowers on the existing mortgage must match the borrowers on the new mortgage.
▪ Borrowers may not be removed in the new transaction.
▪ A new borrower may be added to the new loan, provided the existing borrower(s) are retained.
Subordinate Financing ▪ New Subordinate Financing not permitted
▪ Existing subordinate liens must be re-subordinated. The payoff of subordinate liens with the new
mortgage is not permitted.
Loan Terms ▪ Conforming Fixed Rate: For Full Doc, 10, 15, 20, 30 yr Term (product code: MP-10, 15, 20, 30 )
For VOE Doc, 15 & 30 year term only
▪ High Balance Fixed Rate: 15 & 30 yr Term (product code: MPH-15, 30)
Eligible Property Types ▪ 1 unit, including SFR and FNMA eligible PUDs/Condos
▪ 2-4 units
Maximum Loan Amount ▪ Loan amount up to $729,750 for High Cost Area
by loanswithgeorge November 6, 2009 5:04 PM

Define VOE Doc?
by tropical breeze November 6, 2009 6:44 PM

voe doc is a verification of employment form , that the has the income and the number for the borrower's employee or hr department ,
and based on that number the bank calls and verifies that the borrower works there and they might some questions based on the voe form ,
and that is going to replace income documentation

by loanswithgeorge November 6, 2009 9:29 PM

for more infor you can call me at 7145104323
or via e-mail:loanswithgeorge@gmail.com
by loanswithgeorge November 6, 2009 9:30 PM

Does it work for self-employed Schedule C borrowers?
by breez November 6, 2009 9:40 PM

depends on the position
by loanswithgeorge November 8, 2009 12:33 PM

but works most of the time
by loanswithgeorge November 8, 2009 12:33 PM

Just in case, Is there a similar program for fredie mac? got one only at 90% LTV in California.
by newinbus November 9, 2009 3:52 PM

Reply