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The New RefiNow Program

July 20th, 2021 3:39 PM by Kenneth E Morley

Fannie Mae's Refi Now makes it easier for eligible homeowners earning at or below 80% of the area median income (AMI) to refinance into a lower rate and reduce their monthly mortgage payment. Your loan must be owned by Fannie Mae. Other restrictions apply but the major highlights include:

  • Requiring a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment.
  • Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
  • A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score.

Are you able to "RefiNow"? We can help to see if you qualify. Simply give us a call at (303) 650-9400.

Posted by Kenneth E Morley on July 20th, 2021 3:39 PM