Fannie Mae RefiNow

Min. FICO 620 Up to 97% CLTV

The Fannie Mae RefiNow program is a refinance option for lower-income homeowners with Fannie Mae-held mortgages. It aims to make refinancing easier and more affordable by simplifying the process and offering potential interest rate reductions.

Program features
  • FICO 620
  • Up to 97% LTV
  • DTI up to 65%
  • Min 12-month seasoning requirement
  • 1-unit 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
  • Income at or below 100% of the Area Median Income (AMI)
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Program details

Reduced documentation
DTI up to 65%
Owner-occupied, 1-unit primary residence
LTV up to 97%
The current loan must be owned by Fannie Mae
No high-balance loans
May not be combined with a HomeReady refinance transaction
A reduction in interest rate of at least 50 basis points
$500 LLPA credit if appraisal obtained
Current income at or below 100% of the Area Median Income (AMI)
No missed payments on their 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 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
US citizens, Permanent Residents, Non-permanent Residents
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Fannie Mae RefiNow FAQ

Is a RefiNow refinance different than a HomeReady Refinance?

At a high level, RefiNow would be a better refinance option for borrowers with higher DTIs and income 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 existing mortgage insurance be transferred to the new loan?

Mortgage insurance coverage for RefiNow loans is not restricted to the current mortgage insurer on the existing loan. However, DU will identify the insurer that is currently providing coverage. Lenders should consult their mortgage insurer to determine their eligibility guidelines for RefiNow loans. The appropriate level of mortgage insurance must be obtained in accordance with B7-1-02, Mortgage Insurance Coverage Requirements of the Selling Guide. Standard coverage and minimum coverage (with corresponding LLPAs) are both permissible subject to Selling Guide requirements.

Will the lender receive the full $500 credit even if the cost of the appraisal is less than $500? When will it be reimbursed?

Fannie Mae will provide a $500 credit to the lender for RefiNow loans when an appraisal was obtained, regardless of the exact cost of the appraisal. The $500 must be passed to the borrower in full. Whole loans will receive the $500 credit immediately upon sale to Fannie Mae, while loans delivered into an MBS pool will receive the credit as part of a monthly settlement of proceeds.

How must the lender provide the $500 credit to the borrower when an appraisal is obtained?

Fannie Mae requires that the full $500 benefit be provided to the borrower but does not specify how that must be operationalized provided the lender complies with regulatory requirements.

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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