DU Refinance Plus

DU Refinance Plus

The new DU Refinance Plus guidelines are being released soon. Enhancements will include unlimited loan-to-value ratios which means anyone with a Fannie Mae Owned mortgage can take advantage of the program.

What is DU Refinance Plus?

The DU Refinance Plus program is a government-sponsored program under the Home Affordable Refinance initiative, that allows home owners with Fannie Mae owned mortgage that originated prior to May, 2009, to refinance into lower rates,

- New DU Refinance Plus loan will not have mortgage insurance.  Your current Fannie Mae loan must also not have mortgage insurance.

- Owner occupied, second homes, and investment properties qualify.

- If a reliable AVM or Automated Valuation Method (computer appraisal) is available on your home, no appraisal will be required.  Regardless of your home's current value, you can still take advantage of the DU Refinance Plus program.

- Reduced documentation requirements may be included in the DU Refinance Plus enhancements, making qualifying much easier.

-  Must be on time with your mortgage payments for the past 6 months and no more than one 30 day late over the past 12 months.

- Reduce your term on the DU Refinance Plus (for example go from 30 year fixed to 20 year fixed) and get an even better deal.

Call us today with your DU Refinance Plus questions or to see if you qualify!  We are specialists on the DU Refinance Plus program and have helped many families since the program was released.

*** Note, do not confuse the DU Refinance Plus program or the Home Affordable Refinance initiative with the Home Affordable Modification program.  A modification is a re-structuring of your mortgage by your current lender.  Many times, you must be behind on your mortgage payments in order to qualify for a modification.  With the DU Refinance Plus program, you can't be currently late and must have a clean history with maximum one 30 day late over the past 12 months to qualify.