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DU Refi Plus 3/14/13

DU Refi Plus 3/14/13. DU Refi Plus. Streamlined refinance offered through Fannie Mae DU Refi Plus is allowed on: 1-4 unit owner-occupied 1 unit second home 1-4 unit investment DU Refi Plus will allow Property Inspection Waiver (PIW) Maximum cash back to borrower is $250.00

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DU Refi Plus 3/14/13

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  1. DU Refi Plus3/14/13

  2. DU Refi Plus • Streamlined refinance offered through Fannie Mae • DU Refi Plus is allowed on: • 1-4 unit owner-occupied • 1 unit second home • 1-4 unit investment • DU Refi Plus will allow Property Inspection Waiver (PIW) • Maximum cash back to borrower is $250.00 • Verify current loan ownership • KnowYourOptions.com by Fannie Mae

  3. DU Refi Plus Loan Parameters • Fannie Mae acquisition date must be prior to June 1, 2009 • ≤ 100% LTV minimum 640 Credit Score • 100.01% LTV to 150% LTV minimum 680 Credit Score • Unlimited CLTV • All existing subordinate financing must be re-subordinated or paid off with borrower’s own funds. New subordinated financing is only permitted if it replaces existing subordinate financing. • Existing purchase money subordinated financing may not be satisfied with the proceeds of the new DU Refi Plus loan.

  4. DU Refi Plus Loan Parameters ≤ 125% LTV • ≤ 125% LTV eligible: • 1-4 unit primary residence including condos and PUDs • 1 unit second home • 1-4 unit investment property • Conforming and High Balance loan amounts • Minimum 680 credit score 100.01% LTV – 125% LTV • 0x30 in previous 12 months. 1x30 in previous 12 months by exception

  5. DU Refi Plus Loan Parameters 125.01% - 150% LTV • 125.01% – 150% LTV eligible: • Owner-occupied • 1 unit single family including condos and PUDs • Conforming loan amounts only; no High Balance • Minimum 680 credit score • 0x30 in previous 24 months

  6. Benefit to Borrower • Borrower must receive a benefit from the refinance as follows: • Reduce monthly principal & interest payment • A reduced interest rate • A reduced amortization term • A more stable loan product (ARM to FIXED) • Interest only to fully amortized • A 30 year to a 10, 15, 20 year term allowing borrower to build equity more quickly is allowed

  7. Appraisals • Appraisal requirements per DU Findings • If a Property Inspection Waiver (PIW) is granted the loan must be re-submitted to DU using the estimated value provided by DU. An AVM/2055 is not allowed in lieu of re-submitting to DU with estimated value • If a PIW is not granted by DU an appraisal will be required per DU

  8. Borrower Eligibility • Borrower(s) may be added to the new loan provided the original borrower(s) remain on the loan. • A borrower may be deleted from the loan as long as one original Borrower remains on the loan. • The borrower being removed from the loan must also removed from the deed and will retain no ownership interest in the property.

  9. Mortgage Insurance • Loans with or without existing MI are eligible. • Loans with existing MI, the existing MI must be from one of the following MI Companies: • Genworth • MGIC • United Guaranty • Radian If existing MI is lender paid (LPMI), only single premium LPMI is eligible. • The DU Findings will indicate if the loan has MI and the current MI provider. The original MI company provides the MI modification.

  10. Ineligible Transactions • Ineligible Transactions: • Loan has previously been refinanced under HARP(with exception of loans refinanced between March 1, 2009 through May 30, 2009) • Loan is currently under a repurchase agreement • Loans with a temporary buy down

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