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REFINANCE PLUS, ARE YOU ELIGIBLE?

To qualify for the Refinance Plus pogram you must be in a Fannie Mae or Freddie Mac transaction. If so this program is to help borrowers:

*Reduce Mortgage Payments *Obtain More Stable Mortgage Product

If you are currently in an FHA, VA or USDA (Rural Housing Loan), you are ineligible.

The Max loan to value is 105% and combined loan to value is $110%, 2nd mortgages must be subordinated.

The new loan amount may include payoff of first mortgage and closing costs. Borrower cannot receive any money back on the loan.

You must have a 620 credit score, no mortgage lates in the past 12 months and no new financing is authorized on second liens. The second lien must re-subordinate to second position. New borrowers may be added to the loan but the original borrower cannot be removed.

If you have questions please let me know.

Posted by Valerie Springer Mortgage Loan Officer Expert in Financing Purchase & Refin on 05/01/2009 01:06 PM

Comments (1)

Stimulus, Refinance Plus in the Mortgage / Finance Channel

stimulus plan, refi plus, refinance, closing costs, fha, va, usda rural development loan, fannie mae, freddie mac

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1 Comments on REFINANCE PLUS, ARE YOU ELIGIBLE?

AUG

I was just layed off. Do I have to disclose my assets to qualify for the stimulus package.