The Fannie Mae RefiNow can help lower income borrowers with a conventional mortgage to decrease monthly payments and help make homeownership more sustainable.
Available to borrowers at or below 100% of the area median income
DTI up to 65%
No minimum credit score required
LTV <95% is permitted
Provides $500 credit when an appraisal is obtained
Limited to one-unit, principal residence properties
Existing loan must be a conventional mortgage loan owned or securitized by Fannie Mae
RefiNow is Fannie Mae’s refinance option for qualifying homeowners looking to reduce monthly housing costs.
RefiNow can decrease monthly payments and help make homeownership more sustainable for low income borrowers. If your borrower has not missed payments on their current Fannie Mae mortgage loan in the past six months, this might be the most affordable solution.