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Hope for Home Owners with a Fannie Mae Loan

Fannie Mae mortgagors have long been jealous of FHA mortgagors because they have the FHA streamline refinance. Enter the FNMA DU Refi Plus. If you have an existing Fannie Mae home mortgage which does not have mortgage insurance you can refinance all the way up to 105% of the appraised value of your home provided you are current with your mortgage payments, are currently employed and meet a couple of other criteria.

Even if you have a second mortgage you can qualify for the loan as long as the second mortgage holder with agree to re-subordinate the mortgage. There is no maximum combined loan to value (CLTV) on the DU Plus and so long as there is no mortgage insurance on the existing loan there is no mortgage insurance on the DU Plus.

Novation Mortgage will request the subordination agreement from your existing lender and you will only need to get involved if for some reason they refuse to agree to re-subordinate. Don’t worry if you do not fully understand what all that means. When you call I will explain it to you in detail. In fact I may explain it to you even if you think you already know so that I make sure I know you understand – as they say on TV “that’s just the way I roll.”

If your home is in Georgia or Florida and it is the home you live in full time (primary residence) don’t hesitate to call me at 678-946-0101 and ask about the Fannie Mae DU Refi Plus or the FHA streamline refinance.