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