As a result of the Homeowner Affordability and Stability Plan (HARP), Evolution Mortgage LLC is participating and pleased to announce a new refinance option, known as the FNMA DU Refi Plus Program. This program allows more flexible loan terms on rate/term refinances to specifically identified loans.
Loans being refinanced under this program must have been sold to FNMA.

Features of the FNMA DU Refi Plus Program
• Maximum LTV as accepted by DU, up to 95%.
• Maximum CLTV as accepted by DU All existing subordinate financing must be re-subordinated. New subordinate financing is not permitted.
• Minimum credit score requirement is 620 on standard conforming limits; 680 on FNMA High Balance. A credit report must still be submitted. Minimum 48 months since a Bankruptcy; 84 months since either a foreclosure or multiple bankruptcy
• DU approve/eligible recommendations (without EA findings) will be accepted
• Primary, second home and investment properties are eligible.
• Eligible properties are 1-4 units, FNMA eligible condos, and PUDs (2-4s are not eligible on FNMA High Balance)• Qualifying ratios are determined by DU.
• The borrower(s) on the existing loan must be identical to the borrower(s) on the new loan. A new borrower may be added to the new loan, as long as the existing borrower(s) is retained.
• Mortgage insurance is not required if the existing loan does not require MI. Loans currently with MI are not eligible for this product.
• Loan amount may exceed existing loan unpaid principal balance only for payment of closing costs, prepaid items and lender fees.
• Borrower may receive up to the lesser of 2% or $2,000 at closing.
• The new refinance loan must result in a tangible net benefit to the borrower in either a) a reduction in the interest rate; b) a reduction in the amortization term; c) the replacement of an ARM or a Balloon/ Reset Mortgage with a fixed-rate loan or d) lower monthly payment that recoups costs within 60 months.
• Documentation requirements are per DU findings
• Property Inspection Waivers (PIW) accepted where allowed by DU, provided:
• Borrower certifies the home has not been listed for sale in the past 6 months and is not currently for sale
• Property county was not declared to be in a FEMA declared disaster county since last first lien lending transaction
• Last first lien lending transaction was not a purchase as an REO sale.

For more information about this exciting new option and if you qualify please contact me via my website at: http://www.new-hampshire-home-mortgage.com