Saturday, May 5, 2012

Louisville Kentucky Guidelines for Home Affordable Refinance Program

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 Louisville Kentucky Guidelines for Home Affordable Refinance Program


 The Home Affordable Refinance Program is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value, opening up a whole new market for home refinances.

DU Refi Plus is a Fannie Mae no cash out refinance program offering reduced verification and documentation. DU determines eligibility. The program is available to borrowers who have a conventional mortgage which was acquired by Fannie Mae on or before June 1, 2009 (check with Fannie Mae). The borrower must receive a benefit in the form of a reduced principal and interest payment or a more stable mortgage product and receive an approval recommendation through DU as a DU Refi Plus.





Property Inspection Waivers (PIW):
  • Are acceptable with no limit to LTV or CLTV as per the DU findings.
Credit:
  • 620 minimum credit score is required
Maximum LTV/CLTV:
  • There is no max LTV or CLTV for 30Y Fixed. 105 LTV max for 15Y Fixed.
Amortization Types:
  • Fully Amortizing – 15 yr and 30 yr only
Accepting:
  • Approve Eligible
  • EAI
  • EAII
  • EAIII
Loan Amount:
  • Minimum $75,000
  • Maximum Conforming and High Balance Loan Limits
Ineligible Existing Loan Types:
  • Mortgage loans that are currently subject to any outstanding repurchase request from Fannie Mae
  • Reverse mortgage loans
  • Second mortgage loans
  • Government mortgage loans
  • Existing mortgage loans with certain types of credit enhancement. See Eligible Existing Mortgage Loans with Credit Enhancement or Mortgage Insurance above
  • Any Refer/eligible or Refer/ineligible as per DU findings
Property Types Permitted:
  • Primary Residence (Owner Occupied, 1-4 Unit)
  • Second/Vacation Home (1 Unit)
  • Non-Owner Occupied (1-4 Units)
  • 1-4 Units Investment properties
  • Manufactured Housing
  • Condos
Property Types Not Permitted:
  • Co-ops
  • Manufactured Home investment property


Approved MI Companies:

Is your client's loan owned by Fannie Mae? The Fannie Mae Loan Lookup enables mortgage borrowers to quickly determine if Fannie Mae owns their loan : FANNIE MAE LOOKUPFannie Mae Frequently Asked Questions (PDF)