Here's more...

1.  Fannie Mae loan to Fannie Mae loan..  For the best refinance scenario, your existing mortgage should currently be held by Fannie Mae. Check at this link to see if you have a Fannie Mae loan...

http://loanlookup.fanniemae.com/loanlookup/

If you DO have a Fannie Mae loan, continue reading about the benefits of the Refi Plus plan. If it was found that you DO NOT have a Fannie Mae loan, see notes below.*

2.  Allows up to 105% LTV.  Before this program, if you weren't at 80% Loan to Value (LTV) or less, it usually didn't make sense to refinance to a lower rate because you'd have to pay PMI. The new PMI payment would eliminate any savings from refinancing. The new plan will allow you to refinance at a much higher LTV. Here's an example: Your home may appraise today at $100,000 and you may owe as much as $105,000. (Why would Fannie Mae do this? Well, they already hold your mortgage, and because you've proven that you make your current payment on time, they are confident that you can make a new lower payment too.)

3.  No minimum credit score.  As long as you're current on your mortgage, you will qualify. However, as with any mortgage today, your credit score will help determine your upfront fees. The better your score; the fewer the upfront fees. If you've been late on your mortgage payment at least twice in the last 12 months, see notes below. **

4.  Private Mortgage Insurance (PMI).  If you are currently paying PMI and you refinance to an LTV greater than 80%, you will still pay the same or less PMI. If you currently do not pay PMI, you will not have to pay PMI regardless of your new LTV.

5.  All occupancy types permitted.  Owner occupied, 2nd home, Investment properties)

 Some program limitations:

1.  Limited Cash Out.  Although you can roll your closing costs and escrows into the new loan, you are allowed to receive no more than 2% of the loan size up to $2,000 at the close.

2.  No combining 1^st and 2^nd mortgages. This means if you have a HELOC or 2^nd mortgage you won't be able to combine it with the new 1^st mortgage; it will have to remain as a 2^nd mortgage.

3.  Debt to Income Ratio. - You must still qualify with income and show you can afford the new payment... yes, debt to income ratio is still a factor.

This is an excellent program to reward those that have managed to stay current on their mortgage payments. It can provide significant and immediate benefits to those that qualify. To determine whether your refinance scenario qualifies, please complete our online application today and a Bay Mortgage representative will contact you to discuss your options.

Get Pre-Qualified today. Apply Online


Bay Mortgage, Traverse City, Michigan

*If it was found that you DO NOT have a Fannie Mae owned mortgage, click on this link to see if you qualify for the Freddie Mac refinance program. https://ww3.freddiemac.com/corporate/

If you find that you DO have a Freddie Mac mortgage, contact us at Bay Mortgage to discuss your options. There are some variations with Freddie Mac's approach.

**With 2 or more late mortgage payments, you will likely only qualify for the "Loan Modification" program. You will need to contact your current mortgage servicer for more details. Bay Mortgage does not currently offer the "Loan Modification" program.