Fannie Mae RefiNow

Min. Credit Score 620 Min. 3% Down Payment

Fannie Mae RefiNow is a refinance option designed to help lower income homeowners save money. If you have a Fannie Mae owned mortgage and are looking to lower your monthly mortgage payments, Fannie Mae RefiNow could be the answer. With a simplified qualification process, this program makes refinancing easier and more affordable.

Program features

Minimum credit score 620
Debt-to-income (DTI) ratio up to 65%
Minimum 3% down payment
Minimum of 12 months with your current mortgage is required
Primary residence

Why choose our Fannie Mae RefiNow?

Reduced documentation requirements
$500 credit will be provided if an appraisal has been obtained for the transaction
Household income at or below 100% of the Area Median Income (AMI)

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Program details

Reduced documentation

Debt-to-income (DTI) ratio up to 65%

Primary residence

The current loan must be owned by Fannie Mae

May not be combined with a HomeReady refinance transaction

$500 credit will be provided if an appraisal has been obtained for the transaction

Current income at or below 100% of the Area Median Income (AMI)

No missed payments on your current mortgage loan in the past six months and no more than one missed payment in the past 12 months

New loan amount may include cash-out limited to less than or equal to $250

No required minimum reserves

Standard Mortgage Insurance (MI) requirements and coverage levels; MI coverage is not restricted to the current mortgage insurer on the existing loan

All eligible property types are permitted

Fixed-rate only

Available to non-permanent residents

Minimum borrower contribution is 3%

Fannie Mae RefiNow FAQ

What is Fannie Mae RefiNow?

Fannie Mae RefiNow is a refinance program for low- to moderate-income borrowers that offers lower monthly payments, reduced fees and a simplified process. It often does not require a new appraisal and is designed to make refinancing more affordable.

Who is eligible for RefiNow?

Borrowers with incomes at or below 100% of the Area Median Income (AMI) who currently have a Fannie Mae loan are eligible. To find out if you meet this, you can look it up using Fannie Mae’s Area Median Income and Property Eligibility Tool.

What are the benefits of RefiNow?

– Lower monthly payments
– Reduced fees
– Simplified refinance process
– No new appraisal required in many cases

Can I transfer my existing Mortgage Insurance to a new loan under RefiNow?

No, existing Mortgage Insurance cannot be directly transferred to a new loan under Fannie Mae RefiNow. When refinancing through RefiNow, you’ll typically need to obtain new Mortgage Insurance based on the terms and conditions of the new loan.

Is a RefiNow refinance different from a HomeReady Refinance?

At a high level, RefiNow would be a better refinance option for borrowers with higher debt-to-income (DTI) ratios and incomes up to 100% of the applicable Area Median Income (AMI) limit who have limited funds to pay for upfront appraisal costs. A detailed comparison between HomeReady and RefiNow can be found here on the Fannie Mae website.

Can RefiNow be combined with HomeReady?

No, RefiNow is a standalone offering and may not be combined with HomeReady. A summary comparison of HomeReady and RefiNow can be found here on the Fannie Mae website.

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FHA High Balance

Min. Credit Score 620 Min. 2.25% Down Payment

Loan amounts up to $1,149,825
Debt-to-income (DTI) ratio up to 55%
Primary residence
Minimum 2.25% down payment

Asset Utilization

Min. Credit Score 620 Min. 20% Down Payment

Assets to cover 60 months of payments
Only 3 months of reserves required
Loan amounts up to $4 million
Qualifying assets are 100% cash or money market, 100% from public securities, or 70% from retirement accounts