Originating & Underwriting

RefiNow: Expanding refinance eligibility for qualifying homeowners

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 today’s historically low interest rates. Available to borrowers at or below 80% of the area median income with debt-to-income (DTI) ratios up to 65%, 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.

Find new opportunities

Find new opportunities for more borrowers with a refinance option now available to homeowners with a DTI up to 65%.

Make homeownership more sustainable

With interest rates required to be reduced by a minimum of 50 bps, and a minimum $50 monthly savings required, RefiNow helps make homeownership more sustainable in your community.

Address up-front costs

The availability of appraisal waivers or a $500 credit* helps borrowers address up-front costs.

To qualify for the refinance option, homeowners must have:

  • a Fannie Mae owned mortgage secured by a 1-unit, principal residence;
  • current income at or below 80% 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 up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 credit score (applies to the new refinance loan).


*Credit will be provided in the form of a $500 LLPA credit to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit on to the borrower.