From the MA Housing Announcement dated 04-02-2012:
“Fannie Mae has made changes to their DU Refi Plus in accordance with The Federal Housing Finance Agency announcement of changes to Home Affordable Refinance Program “HARP”. DU Refi Plus is a Fannie Mae no cash out refinance program offering reduced verification and documentation. MassHousing is making DU Refi Plus available on May 1, 2012 to existing MassHousing borrowers who have a conventional first mortgage owned by Fannie Mae on or before June 1, 2009.”
The MA Housing relief program will offer some advantages that other DU REFI PLUS investors will not offer. Although an appraisal is required, there is no Max loan to value. So even if the value of your home has fallen by 50%, (which unfortunately, I have seen), you would still be eligible to refinance.
Your mortgage insurance rate would transfer to the new loan, but if your loan balance is lower than the original loan balance, your monthly mortgage insurance payment will be lower.
You can roll in your closing costs, pre-paid and escrow items into the loan if you are short of cash.
Rates have not yet been released, but traditionally, MA housing offers very competitive rates.
If you would like more information, please contact me at firstname.lastname@example.org or 508-254-2645.