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Replies (5)
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Then apparentely your loan is not owned by freddie or fannie. Go to www.fanniemae.com or www.freddiemac.com, put in your info and see what it says. Report back!
- wehbyjammin
- Contributions:4
It is owned by Fannie. There is nothing preventing me from refinancing besides the fact my lender does not use the Refi Plus program but only uses the DU Refi Plus program, which seems stupid to me. My question is trying to determine if there is another way to refinance through another lender that does use the Refi Plus program or if I am stuck since my original lender doesn't use it.
The problem is that anyone that had MI before is not yet eligible, and even though you had LPMI it was MI. Fannie, Freddi, the Govt and the MI companies have been working on a happy medium to allow for people to use the DU Refi Plus if they originally had MI. I know that this is not the answer that you want, but it is the correct answer.
Also, you do not need to use your current lender for the DU Refi Plus program. Any lender can do this for you, the only requirement is that it is a Fannie or Freddie product.
Hope this helps.
Also, you do not need to use your current lender for the DU Refi Plus program. Any lender can do this for you, the only requirement is that it is a Fannie or Freddie product.
Hope this helps.
- wehbyjammin
- Contributions:4
The "key" to your answer in my situation is that any lender can help me, so hopefully I can shop around. I believed that only your current lender could process the refinance through the Help for Homeowners' Plan. However, lenders are refinancing mortgages with MI. If you had MI on your previous mortgage, that rate and premium carries over to your new loan. Mine would have been done by now had I only used MI instead of LPMI, which really upsets me since my lender talked me into the LPMI option. There may still be a handful of MI companies out there that have not adjusted their programs for the gov't plan, but most are now on board and offering insurance certificates on the new loan. Thanks for your response.
- Donnovan Stordahl, "dstordahl"
- Contributions:43
I agree with AJ that if you had LPMI or PMI you are not qualified under the guidelines. Also, if you have a second mortgage on the property, you are eequally not eligible. The program in place seems to help out homeowners that fit into a cookie cutter scenario, but this still doesn't address the problem that got us into this mess, and those are the unconventional mortgages that were made on stated income / stated assets.
I recommend contacting CitiMortgage for the new plan, as I just reviewed their guidelines today, and they seem to be working with homeowners as it is intended. Hope this helps!
I recommend contacting CitiMortgage for the new plan, as I just reviewed their guidelines today, and they seem to be working with homeowners as it is intended. Hope this helps!
How can I refinance if my current lender only uses the DU Refi Plus and not the Refi Plus program?
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