 A reduced monthly mortgage and interest payment

 A reduced interest rate

 A reduced amortization term

 A more stable mortgage product; example, ARM to fixed rate, interest only to fixed rate

 The product is only available for loan to values greater than 80% and Unlimited LTV/CLTV

 Minimum credit score of 640

 Loan must be approved by DeskTop Underwriter (DU) for DU Refi Plus.

 Mortgage history: If shown on credit report 0 x 60 in past 12 months on any mortgage tradeline. If not on credit report 0 x 30 past 6 months; 1 x 30 7 to 12 months. Loan must be current

 Max DTI 55.00%

 LTVs >80.01 up to Unlimited

 Maximum CLTV, unlimited. Second mortgage holder must be willing to subordinate the current second mortgage

 Mortgage must currently be held by Fannie Mae. www.fanniemae.com/loanlookup/

 First mortgage must have been closed on or before May 31, 2009

 Maximum cash out $250.00. Any amount greater than $250.00 must be applied as a principal reduction at a maximum amount of 2% of the loan amount or $2000 whichever is less, minus $250.00

 All requirements determined by DU

 If AUS allows for an appraisal waiver, a $75 fee will be charged to the borrower

 DU findings with a Potential Red Flag for excessive value and requires an appraisal(no PIW option given), requires a satisfactory field review.

Loan Purpose:

 Rate and term refinance only.

 Owner occupied, Second homes and investor properties.

 Loans not held by FNMA

 Loans not closed on or before May 31, 2009

 Loans currently having mortgage insurance or have had MI canceled.

 CondoHotels

 Cash out transactions