Fannie Mae Refi Plus

Existing FannieMae loans, including loan with previous Alt-A documentation and or Expanded Approval recommendations, are eligible. The new loans must be either fully-amortized fixed rate mortgages with 10-to 40-year terms or fully amortized adjustable rate mortgages with an initial fixed rate period of 5 years or more.

Loans containing the following components will be eligible for Refi Plus:

• Paying off of the unpaid principal balance on the existing first mortgage only, no subordinate financing may be paid off with the proceeds of the new mortgage
• Financing of the closing costs, prepaid items and points will be allowed.
• Borrower may receive cash back in an amount that is nor more than 2% of the new mortgage loan balance not to exceed $2,000.
• The first mortgage was originated on or before March 1, 2009.
• The existing first mortgage must be a fully amortizing loan. Interest-only features are not allowed.
• The exisiting adjustable rate mortgage must have a fixed period not less than 5 years.
• Exisiting Balloon Mortgages & MyCommunityMortgage are ineligible.
• Current loan balances that are less than or equal to 80% will not be subject to a minimum " representative" credit scores.
• Some new loans may be eligible for 105% financing.

CALL 800-803-8008 FOR COMPLETE DETAILS