FreddieMac Open Access to other Servicers for the Relief Refinance 125% LTV Loan
October 9, 2009
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Beginning October 1, 2009, Flagstar Bank implemented the FreddieMac Open Access program. Now you can take a loan that was sold to FreddieMac and is currently serviced by another lender, and refinance it with our banking partners. This is a major change and we are one of the very few major lenders to offer this program. We are also one of the few lenders that also offer the Fannie Mae DU Refi Plus up to 125% LTV.
BENEFITS
Maximum LTV of up to 125% with no maximum CLTV.*
Loans with an LTV greater than 80% with an escrow waiver on the original loan may be eligible for an escrow waiver on the new loan.*
Minimum credit score determined by LP.
Proceeds of up to 4% of current unpaid balance or $5,000 can be used to pay closing costs/prepaids and financing costs.
Mortgage insurance is not required if existing loan does not have mortgage insurance.
FLEXIBLE TERMS
15-, 20- and 30-year "xed-rate
5/1 adjustable-rate option
ELIGIBLE PROPERTY TYPES
1- to 4-unit properties
Freddie Mac-eligible condominiums**
Planned unit developments (PUDs)
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Until Next time Here is to your success! Jason Wheeler 925-285-2172
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