Du refi plus what is it

This refinance program has been very successful and popular with many of my clients. Other clients have also commented on how easy the process is. I strongly encourage you to see if you qualify with this program if you fit any of the requirements above. You have nothing to lose and could save so much just by investigating! More Business articles from Business 2 Community :. Is your loan equity more than the current value of the current market price on your home?

Does the loan finance a primary residence, secondary residence, or an investment property? Fannie Mae then becomes your new de facto lender. The Fannie Mae website has a free online look-up tool you can use to determine whether or not Fannie Mae does currently hold your loan or not. Rather than making loans directly to individuals, Fannie Mae makes funds available to the banks and lending institutions; these financial institutions then, in turn, provide mortgages and refinance arrangements to consumers.

Because Fannie Mae plays such a large role in the mortgage market, the mortgage refinance rules established by Fannie Mae affect a significant number of loans throughout the country.

First unveiled in , HARP relaxes certain Fannie Mae mortgage refinancing rules in order to allow distressed homeowners the opportunity to refinance their current mortgage and relieve their financial difficulties. Starting in early , Fannie Mae mortgage refinance rules were relaxed to allow individuals with bad or no credit history a better chance to refinance their existing mortgages. Fannie Mae funds about 40 percent of the mortgages currently in existence in the United States; thus, changes in the Fannie Mae refinance mortgage program impact a large number of mortgages and typically prompt other lending institutions and mortgage holders to follow suit as well.

The loosening of the purse strings at Fannie Mae was intended to encourage more lending throughout the country. However, certain aspects of the HARP plan and other refinancing rules have allowed banks to deny refinance or modification applications even when Fannie Mae mortgage refinance rules would have allowed them.

Home mortgages which Fannie Mae owns or guarantees are eligible for streamlined refinancing. Second homes qualify if they are just one unit, but one to four unit primary residences and investment properties are eligible for DU refinancing.

Eligible properties include two-unit primary residences with high-balance loans, and three-to-four-unit primary residences, investment properties, and second home co-ops. Second mortgages must be re-subordinated because subordinating financing is prohibited.