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Fannie Mae and Freddie Mac recently removed a minimum FICO 620 to make it easier for low-income borrowers to qualify for their RefiNow and Refi Possible programs.
These programs are 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. The maximum loan-to-value (LTV) ratio is 97%.