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 earning 80% or less of the median household income for their area may be eligible for assistance. Borrowers may also receive a credit of up to $500 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:

• Have a mortgage backed by Fannie Mae on a one-unit, owner-occupied property. Not sure if your mortgage is backed by Fannie Mae? Check it here.
• Earn 80% or less than the median income for their area. Interested applicants can check the median income for their area on the U.S. Housing and Urban Development website.
• Have no missed payments in the past six months and no more than one missed payment in the past 12 months.
• Have an existing loan-to-value ratio not greater than 97%, a debt-to-income ratio not above 65%, and a FICO credit score equal to or greater than 620.