Fannie Mae DU Refi Plus
The Fannie Mae Refi Plus program was created as a way to make simpler for lenders to refinance loans already in their portfolio. Fannie Mae allows homeowner to refinance even if they our upside down in their equity position.  
Through the program, lenders with Fannie Mae backed mortgages will now be able to refinance homes with a loan-to-value of up to 125%. 
Purpose Of The Fannie Mae Refinance Program
Other benefits of a Refi Plus loan is that credit standards are lowered and sometimes an appraisal is not necessary.