DU Refi Plus is one of Fannie Mae's refinance options that offer borrowers the advantage of low interest rates. It is a refinance of an existing Fannie Mae loan by any lender using Desktop Underwriter for underwriting. Desktop Underwriter, or DU, is the automated underwriting engine that investors use to either approve or decline mortgages. Note that the originating lender does not need to be the current servicer of the existing mortgage. Fannie Mae allows direct lenders and mortgage brokers to participate in this program.

Highlights of DU Refi Plus:

• To be eligible for DU Refi Plus, existing mortgage loans must have been delivered to Fannie Mae before March 1, 2009.
• Primary homes, second homes, and investment properties are eligible.
• Fifteen, twenty, and thirty-year fixed rates are available.
• The maximum LTV ratio is 105 percent.
• There is no maximum CLTV/HCLTV.
• Properties may include one to four units, attached and detached single-family dwellings, and condominiums.
• There is no minimum credit score required, but the borrower must meet the requirements for DU underwritten loans (including the mortgage delinquency, bankruptcy, and foreclosure policies).
• There are minimum documentation requirements based on the DU findings.
• A property fieldwork waiver (also known as appraisal waiver) is available on certain loans as determined by the DU Refi Plus findings (this waiver will speed up the origination process).
• Closing costs can be included in the loan amount.

In general, DU Refi Plus is ideal for homeowners who are not able to take advantage of low mortgage rates because of their property's fallen value.

If you need assistance in deciding if you’re eligible or not for this program, contact us. We would be pleased to help you.