I'm trying to obtain more information concerning what I have had to deal with so far trying to get my DU-Refi complete.

We signed a good faith estimate at 4.75% with 1 point loan origination about a month ago.  The company that my loan officer works for decided at the last minute that they wouldn't be able to sell my Du-Refi to two investors, so they declined to follow through.  I am now working with another company, and just a few weeks ago, my wife was laid off from her job.  We are both on the current mortgage together.  They tried to put it through without her name on the loan, and it was declined due to Fannie Mae guidelines that on a DU-Refi, no changes can be made to the people on the loan.  We put my wife on there as home maker, and they are telling me that the bank (Bank Of America) won't take it because she can't prove income.  It is a no win situation.  I qualify for the loan my myself, and my lowest credit score is well over 750.  If someone like me has this much trouble getting a refinance, I can't only imagine what other people are having to deal with.  

I could go through my current lender (Chase), but they charge too many points and not even sure what would happen given my wife's current status.  

My question is, what can I do to just get a 4.75% DU-Refi???  This is crazy..

Thanks.

- Mark

Mark,

If you are in fact eligible for a DU Refi Plus I cannot understand what is causing you problems. I would add that it may be easier to deal with your current servicer (Chase) so you may want to call around to a few of their branches and try and find a more competitive offer from a mortgage consultant. If you called their telesales people, you might not be getting the strongest offer possible as the low rates have those folks pretty busy right now. Busy commissioned employees are not as likely to cut their margins quite as much.

Best of Luck,

Jason

Mark

Fannie offers lots of great programs.

Lenders who service mortgages many times have more restrictive guidelines than Fannie (or Freddie)

Since The programs available do indeed vary from lender to lender, you must contact more than one lender...

The biggest problem a consumer has is in knowing what questions to ask.

So instead of asking can the lender do a du refi at 4.75%... Ask what barriers does the lender have to doing a du refi at 4.75%...

DTI, LTV, CLTV, Borrowers remaining on or comming off the loan... etc..

Hope that helps you find the right loan officer to work with to help you get the loan you want and NEED.