What is Refi Plus

Following April 4th 2009 Fannie Mae is set to launch a new program that's designed to streamline the refinance process. The program will expand the criteria for refi eligibility by lowering FICO score requirements, reduced documentation and waiving appraisals in some cases.

Refi Plus provides a streamlined refinance process for existing Fannie Mae DUS Mortgage Loans allowing Borrowers to lock the interest rate on their Refinance Mortgage Loan up to two years before the Prepayment Period End Date and immediately fund additional proceeds with a Supplemental Mortgage Loan.

Fannie Mae will also be releasing additional modifications to DU version 7.1 during the weekend of May 2, 2009. Fannie Mae's implementation of these additional enhancements to DU Refi Plus™ will affect mortgage loans that have either been submitted or resubmitted to DU on or after this update release date.