Saturday, May 5, 2012

Louisville Kentucky Guidelines for Home Affordable Refinance Program

Fill out my form!
 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.
  • 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
  • Approve Eligible
  • EAI
  • EAII
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)