Refi Plus
Refi Plus Could Help You Refinance article submitted by Subprime Blogger
Recently, Fannie Mae introduced a program that will attempt to allow more Americans to lock in at historically low mortgage rates. The “Desktop Underwriter Refi Plus” program is going to expand the criteria for qualifying for a loan. There will be a reduction of employee information as well as a lower FICO score will be required to qualify for the advertised low rate mortgage loans. This is a strong effort by Fannie Mae to give more homeowners the opportunity to refinance and get a rate they desire.
While this sounds wonderful, it is not going to cause a refi boom. Many of the homeowners who were ineligible before will remain ineligible due to the subprime crisis and lenders being strict with their lending practices. For those that do qualify, it will make the process much quicker as there will not be as much documentation as before.
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