With the announcement of President Obama’s “Making Home Affordable” initiative, Fannie Mae has stepped up to the plate and created a new program to potentially help millions of homeowners. DU Refi Plus™, launched on April 4th, 2009, will help homeowners refinance their current mortgage into better terms, in efforts to make payments more affordable. The Fannie Mae DU Refi Plus™ program is one of the first steps that may help revitalize the housing market, and may help slow the foreclosure crisis. The underwriting requirements and required documentation have become more lenient under DU Refi Plus™, making refinancing easier than ever. The primary goal of this program is to benefit borrowers by either placing them into better loan terms, like switching from an adjustable rate mortgage to fixed-rate mortgage, or by reducing the mortgage principle and interest payments. A third benefit that all borrowers will welcome is the availability of the current mortgage rates, which are historically low. The good news is that Eagle Nationwide can make refinancing even easier, by providing the very best in customer service and the lowest rates available today.

• You can borrow up to 105% LTV (certain restrictions apply).
• When refinancing a current Fannie Mae-owned mortgage into a new one with DU Refi Plus™, and the LTV is over 80%, Mortgage Insurance can be avoided.
• In certain cases, a new appraisal report will not be required.
• All property types will be allowed: 1-4 unit family houses, condominiums, co-ops, and Planned Unit Developments (PUDs).
• All occupancy types will be accepted: Owner-Occupied, Second Home, or Investment.

• Only mortgages that are currently owned or guaranteed by Fannie Mae are eligible for the DU Refi Plus™ program (Fannie Mae loans delivered prior to March 1st, 2009 are eligible).
• All refinancing transactions under DU Refi Plus™ are considered Limited Cash-Out (the maximum cash-back to the borrower cannot exceed 2% of the loan size or $2,000, whichever is less).
• No Jumbo or Interest-Only loans are allowed under the Fannie Mae DU Refi Plus™ program.
• Fannie Mae’s My Community Mortgage and Flex Program, or “Expanded Approval” recommendations are not accepted.
• Borrowers cannot have any 60-day late payments on their mortgage in the past year.
• No subordinate financing is allowed.