Mortgage Updates

Credit worthy homeowners may find expanded opportunities to refinance IF their current loan is held by Fannie Mae. These opportunities allude to certain waivers or streamlined documentation. Of the utmost importance is the possibility of an appraisal waiver.

With interest rates plummeting, homeowners should waste no time in making application with a participating lender, since not all investors are eager to accept loans for sale to Fannie with these streamlined features. So what could you expect from RefiPlus?

• Reduced income documentation; salary/bonus/overtime;
• One current pay stub & a verbal verification performed by the lender.
• Commission/self-employment:
• one year’s federal income tax return
• Reduced Property fieldwork; no appraisal.
• If the automated system accepts the value as submitted. An Exterior Only photo may be the requirement.

Several requirements need to be met to qualify for the above enhancements:

• The automated system needs to identify this transaction as being a loan held by Fannie Mae. An accurate address is extremely important.
• This new loan cannot pay off any subordinate financing nor can a new 2^nd mortgage by included in this refinance transaction.
• The loan may include the costs of the refinance including pre paids' and points.
• The borrower may get the lesser of 2% of the loan amount or $2,000 cash back with this transaction.
• The new loan must be a 30yr fixed rate or an ARM with a fixed period of five or more years.

VITEK Mortgage is a participating lender. Please e mail questions or apply on-line.  LoanApplication