Thanks to BrokerOutpost, we have the following:
DU Version 7.1 April 09 Update:
Starting April 4, 2009, the DU Refi Plus will take effect
with some of the new enhanced features:
LTV of 80% or less will not be subject to a minimum FICO of 580.
For high balance mortage, of 80% or less, not subject to min 680.
O/O 3-4 units will go up to 80% LTV/CLTV/HCLTV.
O/O 2 units will also go up to 80% LTV/CLTV/HCLTV.
2nd homes and co-ops will go up to 80% LTV (no seconds allowed)
Investment properties will go up to 80% LTV/CLTV/HCLTV.
REDUCED DOCS FEATURES:
Salary/bonus/overtime for wage earners: 1 current paystub plus
a verbal VOE.
Commissions/Self-emplohed: One-year federal income tax return.
APPRAISAL WAIVERS:
DU will accept the value submitted as the market value for the
subject property on limited cash-out refi transactions where
the existing loan is owned by Fannie Mae. No appraisal or
even drive-by appraisal is required if the DU Refi Plus
Property Fieldwork Waiver is exercised by the lender.
So this is very interesting. I would likely qualify to refinance under these new provisions (where I currently cannot), if there were a lender that would do a loan under these requirements. [Note: just because FNMA says it will accept these loans, no lender is required to make them.]
Jury is still out on whether this will be a huge boost, but it should make a positive difference. Color me tentatively encouraged.
Tags: DU Plus, FNMA, new mortgage rules
Posted on Friday, 6th February 2009 by chrisjones
Posted in Blog & News, General, Rate Watch | Comments (0)