The Fannie Mae Refi Plus loan is designed to help homeowners who have lost equity in the home due to the downturn in the housing market refinance their Fannie Mae owned mortgage.
To find out if Fannie Mae is the owner of your mortgage click here or call Compass Lending Solutions at 801-676-4400 and we can do all of the leg work of determining which loans you will qualify for on your behalf. Some eligibility guidelines follow but it this in not an all inclusive list:
- You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
- You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
- The refinance will improve the long-term affordability or stability of your mortgage.
- You have the ability to make the new payments.
If your loan does not have mortgage insurance, but by refinancing would be over the 80% loan to value threshold thus requiring mortgage insurance, you will not have to have mortgage insurance on your new loan. Generally, we can do loan to values up to 125% in this situation.
Call 801-676-4400 today to find out more information