Fannie Mae Refi Plus Program Guidelines
This is the thread that doesn't end. It is amazing what will change in 3 months in this industry let alone 3 years. In an effort to avoid further confusion, you don't have to be upside down to qualify under the 'HARP' umbrella. The main requirement is that your current loan has a note date prior to June 1, 2009, be owned by Fannie Mae or Freddie Mac, and timely payments have been made in the last 12 months. The Freddie Mac version is called Open Access by most lenders. You can often qualify without an appraisal but that is determined by the automated underwrite so you won't know for certain until you apply.
A third part of this HARP movement is Known as HARP 3.0 or #myRefi is currently under the test phase. The RAHAPP pilot version for those whose loans are not owned by Freddie Mac or Fannie Mae, it is currently available in Oregon statewide as it was introduced by Senator Jeff Merkely.
Product Guidelines DU REFI PLUS PROGRAM (DU) CONFORMING Existing first mortgage must have Fannie Mae as the investor. DU will determine if existing 1st mortgage is eligible. Loans purchased by FNMA prior to 6/1/09 are eligible. Maximum Loan Amount See Matrix Above.
It also was just rolled out to test in the Chicago market. July 23 2014. Hello everyone, In order for people to qualify under these 2 programs, their loans must be owned by Fannie Mae. You are making the payments to ABC Bank but the real owner of your Note is Fannie Mae. So becasue they own your mortgage you qualify for these 2 programs to refinance. The difference is.
HARP is designed only for people that is upside down on their mortgage. (They owe more than what is worth) DU REFI PLUS- Is for people that has a Fannie Mae Mortgage, but is NOT necessarily upside down. So there it is, you don't choose the program, it all depends on each person's Mortgage Equity situation. So the guidelines are different on each program, but you need to be happy you are one of the few thousands of people than can refinance instead of doing a short sale!!: ) Have a great day!!.
July 23 2014. So would I save money if I went directly to the servicer and not even bothered getting quotes from brokers? New broker is telling me that we can use your same apprasal that you had done 3 weeks ago but that makes it a portfolio product?!?!
Fannie Mae Refi Plus Lookup
So the rate would be slightly higher and I don't get the credit back to borrower? Anyway after they ran the numbers a second time they changed the amount of the loan from 242 to 247. ( amount left on loan is 237) Now they really want to roll that into the loan so I only have to bring 1,000 to the table. I didn't want to do that. Why would I want to pay interest on 6,000 extra for 20 years?
Now it looks like they don't want to give me credit back to borrower and up the closing and escrow to equal 11,200! Seems like the get funny when I tell them I want to pay the closing out of pocket. Sales quotas??
They change the deal and up the loan amount or am I just paranoid?. September 28 2011. Six on one half a dozen on the other.
HARP stands for Home Affordable Refinance Program which is the term that the fed and lenders used when the legislation was passed. As the program was implemented Fannie Mae coined DU Refi Plus both Standard and Enhanced. DU stands for Desktop Underwriter which is the automated system loans sold through Fannie Mae are underwritten no matter what the channel. Not all loans are sold through Fannie though. Some are sold through Freddie Mac, that program is called Relief Refinance.
Fannie Mae Refinance Programs
Others may be part of a portfolio program held by a bank or even credit union. September 21 2011.