HomeBridge is reminding brokers that Fannie Mae retired the DU Refi Plus program effective
December 31, 2018
. Loans submitted under the DU Refi Plus program must have an application date on or before December 31, 2018 and the loan must close no later than July 15, 2019.
What is DU Refi Plus?
The Refi PlusTM/
Home Affordable Refinance Program
(HARP) helps borrowers with little or no equity in their homes refinance into more affordable mortgages. … Changes possible through HARP include lower interest rates, shorter loan terms, or changing from an adjustable-rate to a fixed-rate mortgage.
What is Fannie Mae Refi now?
RefiNow
TM
is an
affordable refinancing
option aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of today’s historically low interest rates.
Do I qualify for FNMA enhancements?
To be eligible, borrowers must have a Fannie Mae-backed mortgage for their house — which they must live in — and, as mentioned, have
income at or below 80% of median income in their area
. They also must have missed no payments in the previous six months and no more than one in the previous 12 months.
Is enhanced refi now legit?
Is the Freddie Mac Enhanced Relief program real?
Yes
, it is a real program offered via local and national lenders who are Freddie Mac approved.
How much do I need to make to refinance?
A general rule of thumb is that you should have
at least 20% equity in your home
if you want to refinance. If you want to get rid of private mortgage insurance, you’ll likely need 20% equity in your home. This is often the amount of equity you’ll need if you want to do a cash-out refinance, too.
Why does Fannie Mae own my mortgage?
Fannie Mae buys
mortgage loans from lenders to replenish their funds so the lenders can continue making new mortgage
loans. That helps keep affordable financing available for homebuyers in the market for a home.
Do I have to wait 3 months after forbearance to refinance?
Before you can refinance,
you must have exited your forbearance plan and made at least 3 consecutive loan payments
. If you’re eligible to refinance, your mortgage servicer will need to formally release you from forbearance before you can go ahead with the new loan.
What is the refi Now program?
RefiNow: Expanding refinance eligibility for qualifying homeowners. RefiNow
TM
is an
affordable refinancing option
aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of today’s historically low interest rates.
Are Fannie Mae loans federally backed?
Fannie Mae is a government-sponsored enterprise that makes mortgages available to low- and moderate-income borrowers.
It does not provide loans
, but backs or guarantees them in the secondary mortgage market. … Fannie Mae was bailed out by the U.S. government following the financial crisis and was delisted from the NYSE.
Is the homeowner relief program real?
The USDA Covid-19 Special Relief Measure will reduce the monthly mortgage principal and interest payments by up to 20% for eligible borrowers. There’s also assistance available to cover past-due mortgage payments and any related fees.
Can I refinance my mortgage with Fannie Mae?
Your
current mortgage must be owned by Fannie Mae
or Freddie Mac. You must satisfy credit score, income, payment history and other borrower requirements. Refinancing must lower your mortgage interest rate and your monthly mortgage payment.
Does refinancing hurt your credit?
Taking on new debt typically causes your credit score to dip, but because refinancing replaces an existing loan with another of roughly the same amount,
its impact on your credit score is minimal
.
What credit score do you need to refinance with Quicken Loans?
Minimum Credit Score Needed: At Quicken Loans, your credit score for a conventional loan must be
620 or higher
. Various lenders have different requirements and may require a different score.
