Du Refi Plus and Freddie Mac Relief Refinance.

Here are two programs designed for the homeowner who has been unable to replace their existing mortgage with one that offers a lower rate and payment because of the lack of equity in their property. Also known as being "upside down".

Recent updates to these programs were made on September 19, 2009 with the DU Refi Plus and October 1, 2009 with the Freddie Mac program.

Here is an overview of what these programs offer:

  • The loan amount is allowed to be as high as 125% of the properties value.
  • Offered on owner occupied properties, 1 unit up to 4 unit multi-families.
  • NO MINIMUM CREDIT SCORE REQUIRED.
  • An expectation is that there have been no 30 day late payments on your existing mortgage in the past 12 months.
  • The rates I have been seeing on 30 year fixed mortgages have been in the high 4's and into the low 5's.
  • Neither have a limit on combined loan to value. This means the new first mortgage could go to 125% of the properties value and at the same time still have a second mortgage in place. Guidelines allow for this, however the existing second mortgage must agree to subordinate and stay in second position on title.

There are restrictions and certain guidelines to be met. The existing loan also has to be a current Fannie Mae or Freddie Mac loan and the presence of mortgage insurance will also play a factor on any approval offers.

If your home is equity challenged, I encourage you to call your favorite loan officer and explore some options!

  

Jason

  

  

 

Jason E Potrzeba

President

Acadia Advisory Group, LLC

50 Grassy Plain Road

Riverside RI 02915

(401) 580-7612 Cell

(401) 633-6226 Fax

 

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Jason Potrzeba~ Commercial Loan Officer ~ RI

East Providence, RI

More about me…

Acadia Advisory Group LLC

Address: East Providence, RI, 02915

Cell Phone: (401) 580-7612

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