New Mortgage Refinance Programs May Be Able To Help
Fannie Mae is rolling out new refinancing options that are making it possible for more homeowners to refinance with a set interest rate and monthly payment.
RefiNowTMby Fannie Mae may be able to help you take control of your monthly payments, freeing up extra cash to use for things like long-term savings, unexpected expenses or paying down debt. Connect with one of our mortgage lending experts today to see if refinancing could help you reach your financial goals.
RefiNowTM For Select Fannie Mae Borrowers
RefiNowTM is a mortgage solution from Fannie Mae meant to help low-income borrowers to take advantage of low interest rates. This offer is available to all qualified borrowers who start their mortgage application on or after June 5, 2021.
See If You Qualify
Requirements To Apply
You do need to meet certain requirements to qualify for RefiNowTM including1:
- Your income must be less than or equal to 80% of the applicable area median income where your home is located
- Your existing loan must not exceed $300,000 and must have closed at least a year ago, but no more than 10 years ago
- Your new loan must be a fixed-rate mortgage, reduce your current interest rate by at least 0.5% and lower your monthly principal, interest and mortgage insurance (if applicable) payment by at least $50
- You must have a FICO score of at least 620
- Your home must be a one-unit primary residence
- All of your mortgage payments over the past six months must have been on time and you must have no more than one 30-day late payment in month 7-12 of the past year