In response to the Homeowner Affordability and Stability Plan (HARP), I am pleased to announce two new refinance option. Fannie Mae’s Refi Plus and Freddie Mac’s Open Access refinance programs.

These programs are fixed-and adjustable- rate and term, fully amortizing, conventional, first lien mortgage loan programs. These loans will allow homeowners to refinance their home, second home or investment properties, to lower their interest rates with a loan to value ratio of up to105%.

This is a solution for many homeowners who have loans on properties that are worth less now then than when they closed on their last loan. Below are some bullet points about these programs.

• Primary, Second Homes and Investment Properties are Eligible
• 1-4 units properties, CONDOS, and Manufactured Homes are Eligible
• Rate and Terms only. First mortgage only. second Mortgages must be subordinated.
• No mortgage insurance is required if the current mortgage does not have mortgage insurance.
• No Minimum Credit Scores
• Loans with mortgage insurance will continue to have the same mortgage insurance coverage. Mortgage Insurance coverages will increase.
• Appraisal waivers may be available. You may not need an appraisal.
• No limit on number of properties.
• No limit on the amount you owe on a second or third mortgages(must subordinate to first)
• Current Loan must have been sold to Fannie Mae or Freddie Mac.
• Documentation Required:
  • Salaried: One Pay stub
  • Self-Employed: one year’s federal tax return

These are wonderful solution to homeowners who have loans on homes that don’t have the equity to refinance or who could not because they could not obtain/afford Mortgage Insurance.

Any borrower who did and 80/20 loan in the last 5 years should look into this program right away. This loan allows you to refinance the first mortgage with out having to pay off the second mortgage.