FNMA RefiNow™

RefiNow™ reduces monthly housing costs with a lower interest rate

Home Affordable Refinance Program HARP papers on a desk.

What is FNMA RefiNow™

RefiNow™ is an affordable refinancing option aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of lower interest rates.

Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 100% of area median income and your borrowers may be eligible to take advantage of this program. If their mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, they may be eligible to refinance their mortgage under this refinance option.*

RefiNow offers features that help to address some of the barriers to refinance and is a great option for creditworthy borrowers who may not have previously qualified.

RefiNow™ Highlights

  • Refinance an existing Fannie Mae mortgage into a new Fannie Mae mortgage
  • Limited cash-out refinance
  • Maximum LTV up to 97%
  • 10-, 15-, 20-, 25-, 30-year fixed rate terms
  • 620 minimum qualifying credit score
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What are the benefits?

  • This refinance option requires a reduction in the homeowner’s interest rate by a minimum of 50 basis points.
  • RefiNow provides a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.

Who is eligible for RefiNow™ Financing?

Eligible borrowers must have

  • A Fannie Mae-backed mortgage secured by a 1-unit, principal residence;
  • A current income at or below 100% of the AMI (not the income as of origination of the original loan);
  • Not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months; and
  • A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score.
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