Fannie Mae Refinance Plus Program in Wisconsin
Posted by madisonmortgage on April 8th, 2009
Update 09/12/2009: Effective September 19, 2009, Fannie Mae will allow the Refi Plus program up to 125%. Visit my good friend Brian Collins’ blog post for details.
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Effective next week our national lender announced the release of the Fannie Mae Refi Plus Program. This program was part of the Home Affordable Modification Program release that was as a result of President Obama’s Stimulus Foreclosure Prevention.
A borrower who faces issues when attempting to refinance due to declining home prices or unavailability of mortgage programs can possibly refinance and take advantage of today’s low interest rates. Most program cut backs are due to PMI being unavailable or default rates on less than perfect credit borrowers.
To check and see if your current mortgage is a Fannie Mae loan click: Fannie Mae Loan Lookup
The program allows up to 105% LTV (effective May 2, 2009) and there is no maximum CLTV. All existing subordinate financing (2nd Mortgages) must subordinate to the new loan. Please contact your existing 2nd Mortgage Lender and request a subordination package to find out if they will comply.
You can retain your original PMI rate (This is great because the PMI rates increased).
This gives you an idea of the program and how it works. More information will be available soon. If you have any questions feel free to call or email me.
Your local Wisconsin Mortgage Banker:
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
