DU Refi Plus and New Appraisal Guidelines
New DU Refi Plus Program
If you or your clients are upset because home values are too low to refinance, we now have an answer to help them refinance to a lower interest rate and it is based on the original value of the home when they last purchased or refinanced.
Existing Mortgage Must be a Fannie Mae loan and must be a rate and term refinance (no cashout). (Note that Freddie Mac will soon do the same):
· Available for all occupancy and property types
· Mortgage insurance will be waived on loans with current LTV greater than 80% if the existing loan had an original LTV than or equal to 80%.
· Borrowers on the DU Refi Plus transaction must be the same as the borrowers on the current loan being refinanced.
·Other conditions apply.
HVCC- New Appraisal Guidelines
All lenders are now required to order appraisals through a third party and this new process will cost homebuyers approximately $125 more per appraisal. This is a national ruling and lenders have no choice. Watch the next newsletter for further information.
Please give me a call with any questions:
Elagene F. Trostle
Sr. Mortgage Consultant
Fairway Independent Mortgage Corp.
843-342-3900 x8 Office
843-338-9017 Cell
ET@TrostleTeam.com
www.FairwayIndependentMC.com/ElageneT
If you or your clients are upset because home values are too low to refinance, we now have an answer to help them refinance to a lower interest rate and it is based on the original value of the home when they last purchased or refinanced.
Existing Mortgage Must be a Fannie Mae loan and must be a rate and term refinance (no cashout). (Note that Freddie Mac will soon do the same):
· Available for all occupancy and property types
· Mortgage insurance will be waived on loans with current LTV greater than 80% if the existing loan had an original LTV than or equal to 80%.
· Borrowers on the DU Refi Plus transaction must be the same as the borrowers on the current loan being refinanced.
·Other conditions apply.
HVCC- New Appraisal Guidelines
All lenders are now required to order appraisals through a third party and this new process will cost homebuyers approximately $125 more per appraisal. This is a national ruling and lenders have no choice. Watch the next newsletter for further information.
Please give me a call with any questions:
Elagene F. Trostle
Sr. Mortgage Consultant
Fairway Independent Mortgage Corp.
843-342-3900 x8 Office
843-338-9017 Cell
ET@TrostleTeam.com
www.FairwayIndependentMC.com/ElageneT
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