What is the DU Plus Refinance?

The DU Refi Plus Program is here to help at-risk homeowners stabilize their finances. This means that Fannie Mae and other lenders will now turn riskier loans, such as Adjustable-Rate Mortages (ARM), into more stable loans, such as Fixed-Rate Mortgages (FRM). Under the new DU Refi Plus Program, Fannie Mae reduces eligibility restrictions and requires fewer documents to apply.

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BASIC GUIDELINES for the Fannie Mae DU PLus Refinance (subject to government changes, of course):

• Previously, Fannie Mae required applicants to show two current pay stubs as income verification. Under the DU Refi Plus Program, applicants can show only one current pay stub
• On certain loans, Fannie Mae will now waive appraisals
• Previously, Fannie Mae would not handle loans over 80% of your home's market value. Now, applicants may have a Loan-To-Value (LTV) between 80% & 105%
• Fannie May will now accept applicants with a credit score less than 580, if their LTV is 80% or lower

There are many more benefits to getting a Fannie Mae DU Plus Refinance, so call or e-mail us to find out more!