Below is information I have collected for the "Making Home Affordable Initiative" which is aimed at stabilizing the housing industry.

This includes the Fannie Mae DU (desktop underwriting) Refinance Plus program.  According to Fannie Mae, the credit guidelines and system enhancements to their underwriting engine software (DU Refinance Plus) are still being finalized, but should be available beginning April 4, 2009. The goal of this new refinance program option is to provide expanded opportunities for borrowers who have demonstrated an acceptable payment history on their Fannie Mae owned or guaranteed mortgage, but have not been able to refinance due to declining property value or an inability to obtain mortgage insurance.

Although formal applications may not be taken at this time, wholesale lenders are supposed to encourage customers who are inquiring about this refinance opportunity to gather relevant information in preparation for the April 4th release date. Once all guidelines and pricing have been finalized, I will communicate with you when I know more on when lenders begin accepting loan applications.

Notes:

Existing Fannie Mae customers who are unable to qualify for the new Fannie Mae Refinance Plus loan program and may be facing a financial hardship (behind on payments) should begin by calling their loan servicer to see if they are eligible for the Making Home Affordable Modification Program. 

Freddie Mac's response to the Home Affordable initiative has not been as quick as Fannie Mae to make arrangements for loans in its servicing portfolio. So if you loan is serviced by Freddie Mac you will have to wait until further information is released.

Loan Limits:

Fannie Mae Agency ($417,000 and lower) and Fannie Mae Agency Plus Loan Limits ($417,001 and above). Loan amounts $417,001 and higher but up to the maximum loan limit in your area typically will have pricing and other adjustments which could possibly increase the interest rate and or points on your loan.

Metropolitan Statistical Area (MSA) Info:

The Fannie Mae Agency guidelines and pricing adjustments for the new loan limits are expected later this month. I am still awaiting final credit guidelines and pricing adjustments from the Fannie Mae Agencies for the loan limit increases, as a result of the 2009 American Recovery and Reinvestment ACT (ARRA). As previously announced, the new limits by Metropolitan Statistical Area (MSA) will follow the greater of 2008 and 2009 loan limits. So our area should have a max loan limit of $729,750. Once I have this information, I will communicate the expected release date of this enhancement with you. Until that time, the Fannie Mae Agency and Fannie Mae Agency Plus loan limits remain unchanged.

Click here to see what the maximum loan amount is for your area.

Here are some links to check out to see if you may be a fit for the program.

To find out who is currently servicing your home mortgage click the links below. This process will take a few days.  The response subject title may look like spam.

Additional information will be provided when available.