Eugene Loan Guy

Posts Tagged ‘fannie mae du plus’

So, what do we do when attempting to refinance a property and all of a sudden the value of the property comes in significantly lower than we expected???? Case in point, I am doing a rate and term refinance for a previous customer that purchased their home two years ago (during the height of real estate values for about $400,000. To accomplish an 80% refinance, I only need it to come in at $325,000 but the actual value comes in at $315,000, a huge drop in value and a loan to value of over 82%. So, what do I do? I go to a Fannie Mae DU Plus. This is all part of the Making Homes Affordable Program through Fannie Mae and Freddie Mac. Read More