Fannie Mae is offering home owners who have seen the value of their homes go down an option to refinance up to 105% of the current value of the home at rock bottom rates. The very best part of this is that if your current loan does not have mortgage insurance it will not need mortgage insurance even it the loan is over 80% of the appraised value. Some other great parts of Refinance Plus is if you had a “combo loan” like a 80/20 to avoid mortgage insurance you can still refinance the first mortgage up to 105% loan to value with out having mortgage insurance.
Many properties will not need an appraisal and the income documentation has been reduced also. There is no minimum credit scores required and most residential properties qualify.
For loans that currently have mortgage insurance, when you refinance your mortgage insurance rate will not go up. Most problems people are facing now when refinancing is not being able to receive mortgage insurance or the new mortgage insurance is so expensive that the savings are loss even with the lower rates. Refinance Plus keeps your mortgage insurance rate were they were before.
Contact me today to see if your loan will qualify for this wonderful money savings loan.
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