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Fannie Mae RefiNow

Helping More People Refinance into Lower Payments and Rates

With interest rates so low, we want to provide access to the best refinancing options available.

Low-Income Borrower Refinance Option

Under Fannie Mae's newly-implemented Low-Income Borrower Refinance Option, RefiNow, homeowners earning 80% or less of the median household income for their area may be eligible for assistance.

This program estimates eligible borrowers will benefit from reduced interest rates and monthly payments, up to $250 lower per month in some cases. 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 access the low-interest 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.

If you meet these criteria and would like to learn more about refinancing your mortgage with a lower interest rate and monthly payment, click here to get in touch with a GNM consultant.

Not sure if you qualify, or want to explore other refinance options with us? Submit an application here, or give us a call at (775) 888-6999. We’ll help find the best refinance options available to you.

*For qualified borrowers. All loans are subject to credit approval by Greater Nevada Mortgage. Additional terms and conditions apply.