Who qualifies for RefiNow?
To qualify for the refinance option, homeowners must have: a mortgage with a loan-to-value ratio up to 97% and a debt-to-income ratio of 65% or less (applies to the new refinance loan).
What is DU Refi Plus?
The Refi Plus™/Home Affordable Refinance Program (HARP) helps borrowers with little or no equity in their homes refinance into more affordable mortgages. HARP targets borrowers with high loan-to-value (LTV) ratios and who have limited delinquencies over the 12 months before refinancing.
What is a refinancing program?
Refinancing replaces an existing loan with a new loan that pays off the debt of the old loan. The new loan should have better rates or terms that improve your financial situation.
What does Du ineligible mean?
This means a borrower is marginal & doesn’t fit into a program they were submitted into. Most commonly the borrower’s debt ratios are too high for a fixed rate loan and needs to be resubmitted to a lower adjustable rate program.
What does a Du recommendation of ineligible mean?
Ultimately, DU has three possible recommendations: Approve/Eligible, Approve/Ineligible, and Refer with Caution. Approve/Ineligible means that that the risk of the loan is acceptable, but it is not eligible for delivery to Fannie Mae.
What is FNMA refi now?
RefiNow helps homeowners by: Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
What credit score do I need to refinance my house?
620 or higher
Credit requirements vary by lender and type of mortgage. In general, you’ll need a credit score of 620 or higher for a conventional mortgage refinance. Certain government programs require a credit score of 580, however, or have no minimum at all.
How do I apply for refinance now?
Qualifying For RefiNowTM And Refi Possible SM
- Fannie Mae or Freddie Mac must be the investor in your existing loan.
- You must make no more than the median income in your area.
- Your DTI must be 65% or less.
- You need at least 3% existing equity in your home.
- Your median FICO® Score must be 620 or higher.
What are my options for refinancing my home?
There are several mortgage refinance options, but here are nine options commonly used by homeowners today:
- Cash-Out Refinance.
- Cash-In Refinance.
- Rate And Term Refinance.
- FHA Streamline Refinance.
- VA Streamline Refinance.
- USDA Streamline Refinance.
- Reverse Mortgage.
- No-Closing-Cost Refinance.