Do high-cost area loans—Jumbo-Conforming Mortgages and high-balance mortgage loans— qualify for refinance under this initiative?
Yes. An existing Jumbo-Conforming Mortgage or high-balance loan may qualify for refinance under Refi Plus (manual or DU options). The eligibility parameters for Refi Plus supersede those for the high-balance feature. The new loan may have a high-balance feature, subject to current loan limits. Although the Jumbo-Conforming Mortgage product expired for new originations on December 31, 2008, these loans may be refinanced under Refi Plus and delivered using the high-balance loan option. For 2009 originations, the American Recovery and Reinvestment Act of 2009 established higher temporary limits, which have been extended for 2010 originations.
