New refinancing options for low-income borrowers
What are RefiNowTM and Refi PossibleSM?
RefiNowTM is a mortgage solution from Fannie Mae meant to enable low-income borrowers to take advantage of historically low interest rates. It’s available to all qualified borrowers who start their application on or after June 5, 2021. Freddie Mac will soon offer a similar program called Refi PossibleSM. It’ll open up to borrowers applying for a new home loan on or after August 30, 2021.Why should I consider refinancing?
Refinancing to a lower rate makes owning a home more affordable by lowering your monthly housing payment. Spending less on a mortgage each month frees up extra cash, which can be used for things like paying off other debt or investing to build long-term wealth.How do I know if I qualify for RefiNowTM or Refi PossibleSM?
To find out if Fannie Mae or Freddie Mac owns your mortgage, use the links below:What else should I know before I apply?1
You do need to meet certain requirements to qualify for RefiNowTM and Refi PossibleSM, including:- 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 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 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
Ready to learn more about RefiNowTM and Refi PossibleSM?
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1Other restrictions apply. Not all borrowers will qualify. This is not a commitment to lend.
