If you have been looking to refinance your existing mortgage only to find your value has dropped and refinancing was not an option, help has finanlly arived. In response to the Homeowner Affordability and Stability Plan (HARP), Fannie Mae's Home Affordable Refinance Program, or other wise known as Making Home Affordable, has finanlly been made available for home owners in need of refinancing. The Home Affordable Refinance program is available to any home owner with a current loan that was sold to Fannie Mae. To find if your loan was sold to Fannie Mae, visit http://www.fanniemae.com/index.jhtml.

Features of the Fannie Mae DU Refi Plus Program include:

• Loans must be a Full Doc loan with salaried borrowers submitting one paystub and self-employed borrowers qualifying off last year's federal income tax return.
• Up to 105% Loan to Value.
• No maximum Combined Loan to Value.
• All existing subordinate financing must be re-subordinated. New subordinate financing not allowed.
• No minimum credit score requirement.
• Standard conforming, and high balance loan limits are eligible.
• All existing loan types are eligible, as long as it was sold to Fannie Mae.
• No seasoning requirement.
• Salaried borrowers require one month paystub; self-employed borrowers require one year’s federal income tax return.
• If you current mortgage did not require Mortgage Insurance (MI), your new loan will not require MI.
• Program available to single family homes, 1-4 units, condos, townhouses, second homes, and investment properties

To find out more about the program and to see if you qualify, contact The Tampa Bay Mortgage Pro.

Joshua A. Lerette - Home Loan Specialist
The Tampa Bay Mortgage Pro
727-488-7355