The Home Affordable Refinance initiative, which includes the Refi Plus and DU Refi Plus options, is designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae mortgage loan, but due to a decline in property values have been unable to refinance to obtain a lower payment or move to a more stable product.
With FNMA Announcement 09-23, Fannie Mae is continuing its commitment to find ways to allow more borrowers to refinance by increasing the maximum allowable LTV ratio to 125 percent for mortgage loans that qualify for the Refi Plus (manual underwriting) option.
