Selling Guide

Published June 02, 2021

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What are the existing loan requirements to be eligible under the high LTV refinance option?

Existing Loan Requirements

The existing loan must....
 

be a first lien, conventional mortgage loan owned or securitized by Fannie Mae.

 

have a note date on or after October 1, 2017.

 

have seasoning of at least 15 months - meaning at least 15 months have passed from the note date of the existing loan to the note date of the new loan.

For example, if the note date on the existing loan is January 1, 2018, the note date of the new loan must be no earlier than April 1, 2019.

Note: Loans that are part of a risk-sharing structure (for example, credit risk transfers) are eligible to be refinanced under the high LTV refinance option.

Conversely, the following loans are NOT eligible for refinance under the high LTV refinance option:

  • existing DU Refi Plus TM or Refi Plus loans;
  • loans that are subject to outstanding repurchase demands; or
  • loans that are subject to recourse, repurchase agreement, indemnification, or another negotiated credit enhancement required at origination for eligibility purposes are not eligible unless
    • the new loan is also subject to a credit enhancement that meets eligibility requirements, or
    • such credit enhancement is not required for eligibility purposes on the new loan.

For additional information, see B5-7-01: High LTV Refinance Loan and Borrower Eligibility.

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