Designed to eliminate borrower barriers, support stable homeownership, and address the upfront costs of refinancing, the RefiNow program highlights include:

1. Higher possible DTI: Under typical home purchase and refinance guidelines, the eligible maximum DTI ratio is between 43-50%. The RefiNow loan may allow up to 60% DTI, paving the way for more homeowners reduce their monthly housing cost with the refinance loan.
2. $500 credit toward appraisal report: If an appraisal report is required, homeowners may be eligible for up to a $500 credit towards their closing costs.
3. Interest rate savings: The new interest rate must be at least 0.5% lower than your current rate to apply for the loan. This is to ensure homeowners are not given a frivolous refinance and to protect the homeowner’s equity. Speak with one of our loan officers today to get a custom rate quote.

We invite you to utilize our Refinance Interest Savings calculator to see how much you may be able to save on interest with a refinance to a lower rate.

To qualify for a RefiNow refinance loan, homeowners must:

• Have a Fannie Mae Loan Now: the loan must be secured by a 1-unit home you occupy as your primary residence
• Income Limit: Current income must be at or below 100% of the Area Median Income (AMI) for where your home is located.
• On-Time Payments: Your current loan must be reporting no missed payments for the previous 12 months.
• Loan-To-Value: The maximum loan to value for the RefiNow loan is up to 97% of the home’s current value.
• Limited Cash Out: The new loan amount may not exceed the payoff amount of the current mortgage + applicable closing costs + up to $2,000. The purpose behind allowing a limited cash-out amount is that it can sometimes be hard to perfectly calculate a final loan amount and the limited cash out feature allows lenders and escrow to have a small buffer when calculating these final numbers.

For personalized advice and to explore the potential benefits of refinancing in your specific situation, don’t hesitate to reach out to us. Our team is dedicated to helping you navigate the intricacies of refinancing, tailoring solutions to meet your unique financial goals and circumstances.

Take the first step towards optimizing your mortgage by contacting us about refinancing today!

Homeowners can determine if Fannie Mae owns their mortgage by visiting Fannie Mae’s Loan Lookup Tool at KnowYourOptions.com.

Click Here to use the Area Median Income Lookup Tool for the most up to date information.