Home Affordable Refinance provides refinance options to borrowers with existing Fannie Mae or Freddie Mac loans who have an acceptable payment history on their Mortgage but due to declining home market have been unable to refinance to obtain a lower payment or move to a fixed Loan.

Refi Plus offers 2 Underwriting options for Fannie Mae to Fannie Mae or Freddie Mac to Freddie Mac refinances. The Refi Plus options are intended to assist borrowers by providing a benefit that seeks to ensure long-term homeownership sustainability. The Lender must represent and warrant that Borrower is receiving a benefit in the form of either:

A- Reduced monthly mortgage Principal and Interest payment; or B- Movement from an ARM to a fixed-rate mortgage

FANNIE MAE & FREDDIE MAC RELIEF REFINANCE PROGRAM

• Loans must be registered as a Full Income Document Loan.
• Up to 105% LTV. No CLTV/HCTLV limit. However, ALL Subordinate financing MUST re-subordinated. (Including purchase money subordinate financing.)
• No minimum Credit score requirement if borrower’s payment does not increase by more than 20%. If borrower’s principal and Interest Payment increases by more than 20%, minimum credit of 620 is required.
• Manually underwritten.
• 3 months seasoning required.
• Existing mortgage must be current. 0x30 in the most recent 12 payments prior to new loan.
• New Appraisal or HVE is required.
• Not eligible for Delegated.

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