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
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