Home Affordable Refinance Guidelines Just Released
Below is a link that has the new guidelines from Fannie Mae. Here are some highlights
- DU Refi Plus loan casefiles will not be subject to a maximum allowable CLTV or HCLTV ratio. As a reminder, borrowers may not pay off existing subordinate liens or obtain new subordinate financing as part of a DU Refi Plus transaction. All existing subordinate financing must be re-subordinated to maintain first lien priority of the DU Refi Plus mortgage loan.
- DU Refi Plus loan casefiles will not be subject to the following minimum “representative” credit scores
- Lenders will be required to obtain mortgage insurance (MI) for certain DU Refi Plus eligible loan casefiles with an LTV greater than 80 percent. Those DU Refi Plus loan casefiles requiring mortgage insurance coverage are as follows:
Also, here is a FAQs sheet