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Help For Underwater Homeowners

September 29, 2011
Loan Officer Kristen DiCarlo

Loan Officer Kristen DiCarlo

Approximately 22.7 percent of all U.S. homeowners owe more on their homes than what they are currently worth*. At the same time, almost ¾ of them have an above market rate on their mortgages, adding to their financial burden. Because they have negative equity, they’ve been virtually locked out of refinancing their mortgage.

We have just introduced DU Refi Plus, a refinance program specifically for homeowners who are “underwater.” It allows borrowers to refinance their primary residence into a lower interest rate, or lock in a more stable fixed rate loan, even 125% LTV!

Here’s what you need to know about DU Refi Plus:

  • The existing mortgage must be currently owned by Fannie Mae and have closed on or before May 31, 2009, with full documentation**.
  • Mortgage insurance will not be required regardless of the new loan-to-value IF the original LTV was 80% or less.

Of course, you are in the business of selling homes, so you may wonder why you should share DU Refi Plus with your customers.

Take a long-term view… when the market rebounds, many homeowners will want to jump back into the market after holding off for so long. If you’ve helped clients in the past, even though you didn’t directly benefit from the refinance, you have enhanced your credibility as a real estate resource that puts the needs of your clients first.

Find our complete details on DU Refi Plus by talking with one of our loan officer today!

*Mortgage News Daily

**Final eligibility for the program is determined by Fannie Mae desktop underwriter

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