RefiNowTM is a money-saving refinance option
It’s not too late to take advantage of historic low interest rates. Fannie Mae’s RefiNow™ is a new refinance mortgage option with flexibilities aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of today’s historically low interest rates.
With RefiNow you can take advantage of benefits like:
- A lower interest rate.
- Monthly payments could be reduced by at least $50 per month.
- Savings on up-front out-of-pocket appraisal expenses.
- Available for loan amounts up to $548,250.
Are you eligible for RefiNow?
In order to qualify for RefiNow™, you’ll need to meet the following qualifications:
- A one unit primary residence secured by a current Fannie Mae-owned loan. Visit the Fannie Mae Loan Lookup Tool to find out if Fannie Mae owns your loan.
- No missed payments in the past six months, and no more than one missed payment in the past 12 months
- A credit score of 620 or higher
- You must make no more than 80% of the median income in your area. Check your local area Median Income Limits at Fannie Mae Lookup Tool.
- You need to have been in your existing mortgage for at least a year, but no more than 10 years.
- A debt-to-income ratio (DTI) must be 65% or less. This is up from the usual limit of between 43% – 50% for conventional loans.