Barb Lanis (BarbLanis)
#1 ranked lender in Illinois - 650 contributions
A Word of Caution when reading the Fannie 9.0 Release Notes. In the past, borrowers were not allowed to re-negotiate the existing HELOC and do a simultaneous closing. This meant that you could not handle refinancing both mortgages at the same time. In release notes 9.0, Fannie allows for this, but Be Careful of the Wording: "simultaneous refinancing of a subordinate lien" That DOES NOT mention that a DU Refi+ can roll in a portion, or all, of an existing HELOC. That would make zero sense. Why would Fannie take on the risk of another bank and their potential underwater position now or in the future. Not.