Fannie Mae RefiNow

Greater Nevada Mortgage is passionate about providing the best refinancing options available, like the Fannie Mae RefiNow program.

Low-Income Borrower Refinance Option

Under Fannie Mae’s low-income borrower refinance option, RefiNow, homeowners at or below 100% of the area median income with debt-to-income (DTI) ratios up to 65% may be eligible for assistance. Borrowers may also receive a credit toward an appraisal on their property, if an appraisal is required.

RefiNow was created to assist low-income homeowners in accessing lower rate refinancing options more easily accessed by high-income borrowers. To date, many low-income borrowers have been less likely to take advantage of these favorable conditions.

Eligible borrowers must meet the following requirements:

• A Fannie Mae owned mortgage secured by a 1-unit, principal residence (check to see if your mortgage is owned by Fannie Mae);
• Current income at or below 100% of the area median income;
• 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; and
• A mortgage with a loan-to-value ratio of up to 97% and a debt-to-income ratio of 65% or less (applies to the new refinance loan).