A DU Refi Plus refinance is another aspect of the HARP program meant to help families with limitedincomes who still owe 80 percent or more of their home’s value. Those who owe less than that will beable to refinance with a credit score as low as 580. DU Refi Plus is controlled by Fannie Mae and typicallyrecommended for those who are considered high-risk by banks. Each application is evaluated carefully,often more closely than under other HARP programs.
Through a DU Refi Plus refinance, homeowners are able to switch to a fixed-rate loan with manageablepayments. The DU stands for Desktop Underwriter, an easy way for new lenders to assess a loan’seligibility with a sophisticated program, rather than being forced to analyze it personally. Homeownersneed only one pay-stub and personal confirmation of employment, making this option less document-heavy than others.
Unfortunately, banks are not always willing to comply with this refinancing option. If you cannot find a provider willing to refinance in Southern California area, Common Sense Mortgage Group,Inc. can guide you to more amenable banks or mount a more forceful proposition to pressure them into providing relief. The means of lowering an untenable monthly payment are out there, so long as
homeowners are willing to pursue them. Our team of professional attorney’s and mortgage brokers will
get it done.