Eligibility Criteria

•	Rate and term (no cash-out) refinance of an existing Fannie Mae loan.

•	Available with all occupancy and property types

•	Mortgage insurance will be waived on loans with loan-to-values (LTV) greater than 80% if the existing Fannie Mae loan had an original loan-to-value less than or equal to 80%. DU will issue the following message to indicate this waiver:

Mortgage insurance is not required for this DU Refi Plus loan casefile.

•	Up to 90% LTV allowed if findings indicate MI is not required. When findings call for MI, max 95% LTV.

•	No maximum combined loan-to-value (CLTV) on existing re-subordinated second liens

•	Credit scores below the current DU minimum of 580 will be considered. ***

•	80% LTV/CLTV/HCLTV on second homes, 3-4 units and investment properties

•	Conforming High-Balance ARM loans will not be subject to the minimum 680 credit score requirement.

•	DU Refi Plus transactions must provide a benefit to the borrower in the form of either

Reduced monthly mortgage principal and interest payment, or

More stable loan product.

•	Loans originated with DU Refi Plus findings must be closed/funded as such.

•	Borrowers on the DU Refi Plus transaction must be the same borrowers on the current loan being refinanced. No additional borrowers may be added, and non of the previous borrowers may be removed.

•	LO's are prohibited from specifically targeting borrowers, whose mortgages are owned or securitized by FNMA, for a refinance.

•	Refinances of properties where the most recent transaction was an REO sale are not eligible for a Property Inspection Waiver. An interior and exterior inspection is required in these cases.

*** If Gateway is the current servicer of the loan, credit scores under 580 will be considered. VP Ops, VP Credit, or CCO/COO are the only persons eligible to sign off on credit scores under 580. If Gateway is not the current servicer, mid credit score must be 620 or greater.