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Standard Bank & Trust/The Dave Radke Team are excited to be able to offer the Fannie Mae DU Plus Program and Freddie Macs Open Access to people wanting to refinance their property regardless of your LTV!!
Introduction
The Home Affordable Refinance initiative, which includes the Refi Plus and DU Refi Plus
options, is designed to assist borrowers who have demonstrated an acceptable payment history
on their existing Fannie Mae and Feddie Mac mortgage loan, but due to a decline in property values have been
unable to refinance to obtain a lower payment or move to a more stable product.
In addition, Fannie Mae is
providing guidelines that allow lenders to convert certain Desktop Underwriter ® (DU®) loan
casefiles that receive a Refer With Caution/IV recommendation to Refi Plus. Lastly, the effective
date for whole loan committing of Refi Plus loans with LTV ratios above 105 percent will now be
August 3, 2009.
Maximum LTV Ratio for DU Refi Plus
In the DU Version 7.1 September Update, Fannie Mae will increase the maximum allowable
LTV ratio for DU Refi Plus loans to 125 percent. There will continue to be no limits on the
CLTV or HCLTV ratios. As a reminder, DU Refi Plus is available to any lender using DU for
underwriting. The lender does not have to be the current servicer of the existing Fannie Mae
mortgage loan
Call me today to discuss the options that are now available. My phone number is 312-806-9309.
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