DU Refi Plus program was created to help borrowers who have homes that are now worth less than their current mortgage or loan amount. The program will allow you to refinance your home regardless of the appraised value…although an approval through automated underwriting is needed and some lenders do restrict the loan to value of your home value! An example would be if your home was worth $200,000 but your loan balance is $210,000. If you need to refinance, you would not find a better program than the DU Refi Plus program to help you.
Do you qualify for the DU Refi Plus program? What are the DU Refi Plus Guidelines?
The first thing that you need to determine is whether your CURRENT loan is owned by Fannie Mae. The program only applies to loans that are with Fannie Mae right now. So, read about the Fannie Mae Lookup Tool and see if you qualify.
Other important factors or guidelines that you should be aware of are as follows...
- Intended for rate and term or limited cash out loans only.
- There is no PMI if your current loan does not have PMI.
- If it does have PMI (mortgage insurance…find out what type of mortgage insurance you have..If it paid by you monthly? Was it paid at closing as a onetime fee? Is it paid by the lender monthly? Did the lender pay it at the closing as a onetime fee? Also…you will need to know the name of your mortgage insurance company.
- Maximum LTV on your new loan can be unlimited. However, some lenders reserve the right to reduce that.
- No new secondary financing is allowed. Existing second loans must be subordinated.
- Purpose of the loan must be to get a better rate/term or move from an ARM to a fixed loan.
We serve these and other areas in New England:
- DU Refi Plus RI
- DU Refi Plus Providence, RI
- DU Refi Plus Jamestown, RI
- DU Refi Plus East Greenwich, RI
- DU Refi Plus Barrington, RI
- DU Refi Plus Little Compton, RI
- DU Refi Plus New Shoreham, RI
- DU Refi Plus Cumberland, RI
- DU Refi Plus Narragansett, RI
- DU Refi Plus Portsmouth, RI
Contact us today!
- Call toll free (866)301-2300
- Send us a message
About Family Financial Group
Family Financial Group, Inc. is a family owned and operated business. We have over 35 years of experience in residential and commercial lending, mortgage banking, and financial advising. With competitive rates and programs, you are our first priority.
You see... at FFG, we treat our clients like family.