Written By: Dan Moralez, First Place Bank and Staff Writer for MortgageCurrentcy.com.
Did you know you can get more of your loans approved—and with better rates—by offering the little-known MyCommunityMortgage Refinance option?
Simply put, one of the biggest loopholes in Fannie Mae’s guidelines and most loan officers don’t even know it exists. You can get many more loans approved, with better rates, cheaper MI and no FICO score pricing adjustments. PLUS, it’s easier to get DU approvals.
With rates at record low levels, refis are booming and so are the problems with FICO score adjustments and appraisals that are coming in low. So what does this have to do with Fannie’s MyCommunityMortgage®? MCM allows for Limited Cash out Refinance Transactions. In other words, this product can be used not only to purchase but to refinance.
Consider the following:
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