RefiNow – New Affordable Finance

Fannie Mae and Freddie Mac’s RefiNow will enable more borrowers to refinance to a lower interest rate and reduce their monthly mortgage payment.

“Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs. Fannie Mae’s new RefiNow option will help more homeowners refinance by removing some of those barriers, improving affordability, and promoting sustainable homeownership,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Risk Officer, Fannie Mae.

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

At or below 80% of the area median income (AMI) limit, you may be eligible to take advantage of the current low interest rate environment with expanded eligibility.

AMI County Income Limits:

County 1 Person
Honolulu $81,280
Maui $78,000
Kauai $81,440
Hawaii $65,280

The RefiNow program must have identical borrowers on the new loan as the existing loan. If you have more than one person on the existing loan, contact a PHL loan officer to determine the AMI for multiple borrowers and to determine if you are eligible to reduce your rate by a minimum of .5%.