Everything you need to know about Fannie Mae's New Low-Income Refinance Option
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A large number of lower-income homeowners can benefit from a new refinance program being launched by the U.S. government.

This program can enable more borrowers to refinance to a lower interest rate and reduce their monthly mortgage payments.

RefiNow Borrower Eligibility Requirements

The borrower's income must be less than or equal to 80% of the applicable AMI limit for the subject property's location.

The current loan must be backed by Fannie Mae or Freddie Mac.

You must have no missed payments in the previous 6 months and no more than one missed payment in the previous 12 months.

RefiNow Existing Loan Eligibility

Under the current eligibility guidelines, a loan must:

  • be a conventional mortgage loan owned by Fannie Mae. Check here if your loan is a Fannie Mae loan.
  • be seasoned at least 12 months but no more than 120 months (from the original note date to new loan note date).
  • have an income at or below 80% of median income in your area.
  • have no missed payments in the previous 6 months and no more than one missed payment in the previous 12 months.
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The New RefiNow Loan Eligibility

If you meet the eligibility requirements, you can qualify for:

  • a maximum loan-to-value (LTV) ratio of 97% (with a minimum credit score of at least 620).
  • a reduction in your monthly mortgage payment by as much as 0.50% with a lower rate.
  • a lender credit of $500 for appraisals.
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The New RefiNow Loan Eligibility

Check if You Qualify for Low-Income Refinance

 

Three easy ways to get started

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