FANNIE MAE DUS® Choice Refinance Program

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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 are 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

Pre-Review Mortgage Loans are no longer prohibited for Choice Refinance Loans. Generally, no pre-review is required if the Pre-Review 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 and 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 Non-recourse except for standard carve-outs
Prepayment Provisions 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
Arbor Commercial Mortgage | arbor.com | 800.ARBOR.10

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