Fanne Mae Refi Plus

What Is Refi Plus?

 

Fannie Mae created Refi Plus to help existing homeowners take advantage of today's lower interest rates.  Existing homeowners can save THOUSANDS of dollars by refinancing at a rate sometimes as low as 1/4% lower than their existing rate.  Documentation is easier than a traditional refinance and in addition, appraisals are sometimes NOT required.

 

Refi Plus is a streamlined mortgage refinancing process offered by Fannie Mae. It provides existing mortgage loan holders more lenience and flexibility in terms of loan refinancing

Purpose

• Fannie Mae introduced Refi Plus in 2009 to provide responsible mortgage holders with less risky repayment options and more affordable mortgages.

Benefits

• Refi Plus allows mortgage holders to refinance up to 80 percent of the value of their homes. It lowers interest rates and uses more lenient criteria, such as lower FICO score qualifications and appraisal waivers to simplify the refinancing process. The program also provides the opportunity to lock in lower interest rates for longer periods of time.

Exceptions

• Refi Plus is only available for mortgages that are owned by Fannie Mae or approved Fannie Mae lenders. It also requires that the loan is refinanced through Fannie Mae or approved lenders. In contrast, any lender can refinance a Fannie Mae mortgage loan through the DU Refi Plus program.

Contact me for more details - MortgageRay@hotmail.com or at 504-782-2203