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Fannie Mae has introduced "Desktop Underwriter (DU) Refi Plus", a new program designed to streamline the refinance process for potentially millions of Americans. Fannie Mae has made it easier for homeowners seeking lower monthly payments. The updated criteria includes reduce FICO scores, reduced income documentation, and in some cases, will waive the need for an appraisal.

Fannie Mae allows homeowners to refinance up to 105% of the current value of their home and will approve borrowers with lower than acceptable credit scores. The reduced documentation requirement results in borrowers submitting a reduced income documentation, rather than the typical "FULL DOCUMENTATION" typically required.

The objective of the DU Refi Plus program is to help borrowers by reducing their overall monthly mortgage payment and keep them in their homes. Lenders are encouraged to reduce a borrower's monthly principal and interest payments and provide a more permanent product.

The most important criteria to note would be that only loans currently owned by Fannie Mae qualify for the DU Refi Plus program.  Loans can be serviced by other lenders, however you must check with your lender or visit:

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

to find out if your home loan is owned by Fannie Mae.