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Home | Fannie Mae | Choice Refinance
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FANNIE MAE DUS®

Choice Refinance

Arbor’s Choice Refinance product offers a streamlined refinance execution for Fannie Mae Portfolio Mortgage Loans in good standing.

Loan Amount No minimum loan amount (subject to change)
Loan Term Standard DUS options available (5- to 30-year terms)
Amortization Generally 30 years
Minimum DSCR 1.25x DSCR calculated according to standard DUS underwriting guidelines
Maximum LTV 80%; if cash-out, 75%
Rate Structure Fixed- and adjustable-rate options available
Pre-Review Mortgage Loans Prereview mortgage loans are no longer prohibited for Choice Refinance loans; generally, no prereview is required if the prereview category for the portfolio mortgage loan was previously approved by Fannie Mae
Benefits Benefits include:

  • Flexible refinancing and increased lender delegation
  • Lower costs from reduced documentation
  • Speed in processing and underwriting
Tax & Insurance Escrows Monthly deposits required; may be waived if certain criteria are met
Replacement Reserves Underwritten at a minimum $250 per unit per annum
Recourse Requirements Nonrecourse except for standard carve-outs
Prepayment After the expiration of the yield maintenance period, the required 1% prepayment premium may be reduced or waived in certain circumstances; prepayment premium due may be paid from the proceeds of the new loan
Assumable Subject to approval and 1% fee
Supplemental Financing DUS supplemental loans are permitted after the Choice Refinance loan has been in place for one year

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