Do you run DU on FHA loans?
FHA Loan Limits FHA county loan limits are applied by the FHA TOTAL mortgage scorecard, so a DU update is not required for FHA’s 2021 county loan limit updates.
What is DU Refi?
The Fannie Mae refinance plus (du refi plus) program. by Vic Bassey. Fannie Mae Refi Plus (also known as Fannie Mae Refinance Plus and FNMA du Refi Plus) is the HARP or Home Affordable Refinance Program offered through Fannie Mae, or the Federal National Mortgage Association.
Is Caivrs required for FHA Streamline?
Federally approved lenders must use CAIVRS to prescreen all applicants for Federally insured loans, except for FHA streamline refinance cases. CAIVRS provides up to ten sets of information for each borrower. FHA claim information is reported to CAIVRS for 36 months after a claim is paid.
What is DU Refi Plus program?
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.
How long after a foreclosure can I refinance?
The minimum, mandatory “seasoning period”— the amount of time following a foreclosure/short sale that you must wait before applying for a loan — is generally two years.
Do I have to pay closing costs on a FHA streamline refinance?
Do I have to pay closing costs on an FHA Streamline Refinance? The borrower pays closing costs on an FHA Streamline Refinance. Unlike other types of refinances, you cannot roll these costs into your loan amount.
Do you need an appraisal for an FHA streamline refinance?
1. FHA does not require an appraisal on a streamline refinance. These transactions can be made with or without an appraisal. FHA does not require repairs to be completed on streamline refinances with appraisals, with the exception of lead-based paint repairs.
Why was the FNMA du Refi Plus program created?
The FNMA du Refi Plus program was created as a way to help stimulate the housing economy by making it easier for lenders to refinance loans already in their portfolio.
Can you get a Fannie Mae do Refi PLUS loan?
That means it is possible you could be eligible to get a Fannie Mae do Refi Plus loan even if your existing mortgage loan wasn’t originally made with Fannie Mae. If Fannie Mae purchased your mortgage from your lender, then you may qualify for the Fannie Mae Refinance Plus Program.
What’s the LTV for Fannie Mae Refi plus?
Through the program, lenders with Fannie Mae backed mortgages will now be allowed to consider making refinance loans for homes with a loan to value ratio (LTV) of up to 125%. That means the home could be a full 1/4 less valuable than the amount owed on the loan and still be eligible for a FNMA Refi Plus loan.
What are the requirements for a streamline refinance?
“Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are: The mortgage to be refinanced must already be FHA insured.