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New Conventional Loan Programs Launched

New Conventional Loan Programs Launched

A&D Mortgage is proud to offer new conventional refinance options from Fannie Mae and Freddie Mac to assist lower-income families to build stronger communities, build equity and remove more barriers to homeownership. The Fannie Mae Refi Now and Freddie Mac Refi Possible programs are new rate/term refinance options for low-income borrowers with an existing Fannie Mae or Freddie Mac loan who may not have already taken advantage of refinancing in this historically low-rate environment

Fannie Mae Refi Now / Freddie Mac Ref Possible Program Highlights:

  • Designed for lower-income families
  • Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
  • Lowers interest rate by 0.5% and monthly payment by at least $50
  • Minimum 620 FICO
  • Maximum 97% LTV
  • Income at or below 80% of the area median income (AMI)
  • Borrower will receive $500 credit at closing if they have an existing appraisal
  • Maximum DTI 65%
  • Roll up to $5,000 in closing costs for those with limited cash to close with cash-out limited to $250
  • Reduced Documentation requirements
Carl Holman

Written by

Carl Holman

Communications Manager

As A&D Mortgage’s Communications Manager. Carl Holman has more than 20 years of expertise in marketing, media relations, and communications, having spent 10 years of his career in mortgage lending and real estate. He holds a Bachelor’s in Journalism and Mass Communications from the University of South Carolina.