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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 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 & 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 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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