Many investors have contacted me with the drop in interest rates to see if I can help them refinance their investment property. Unfortunately for most, the equity position in their property is too negative for me too help. Fannie Mae however, has implemented a program called DU Refi Plus to try and help the real estate investor take advantage of these lower rates through refinancing. If your loan is currently backed by Fannie Mae, (to find out if your loan is backed by Fannie Mae Click Here) my firm will go up to a 95% Loan to current value and refinance your loan without any mortgage insurance.
Here are some of the stipulations and highlights:
* No Mortgage lates in the last 12 months.
* No limit on the number of financed properties you currently have – This is really nice!
* Your current mortgage cannot have mortgage insurance on it or you have to contact your current servicer for the refinance.
To get a quick estimate of your property’s current value, I like to go to www.zillow.com
This program will benefit only a small handful of the investors out there looking for low long-term rates, however, maybe your one of the lucky ones who will fit.
For an analysis of your property, please give me a call at 651-485-3710.
1 response so far ↓
1 Saint Paul Real Estate // Dec 18, 2009 at 12:42 am
This is great news for investors. It is nice to see that we weren’t forgotten in this era of government bailouts!
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