RefiNow

Expanding refinance eligibility for qualifying homeowners

RefiNow? is an affordable refinancing option aimed at making it easier and less expensive for qualifying homeowners to refinance. Available to borrowers at or below 100% of the area median income with debt-to-income (DTI) ratios up to 65%, RefiNow offers features that help?to address some of the barriers to refinancing and is a great option for creditworthy borrowers who may not have previously qualified.

To qualify for the refinance option, homeowners must have:

• a Fannie Mae-owned mortgage secured by a 1-unit, principal residence;
• current income at or below 100% of the area median income;
• no missed payments on their current mortgage loan in the past six months, no more than one missed payment in the past 12 months; and
• a mortgage with a loan-to-value ratio of up to 97% and a debt-to-income ratio of 65% or less (applies to the new refinance loan).

With interest rates required to be reduced by a minimum of 50 bps, and a reduction to the monthly mortgage payment required, RefiNow can help make homeownership more sustainable in your community.