“Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs.
Homeowners can determine if
RefiNow helps homeowners by:
* Requiring a reduction in the homeowner's interest rate by a minimum of 50 basis points and a savings of at least
* Providing a
* Waiving the 50 basis point up-front adverse market refinance fee that
To qualify for RefiNow, homeowners must have:
* A current income at or below 80% of the AMI (not the income as of origination of the original loan);
* Not missed a mortgage payment in the past six months, and no more than one missed mortgage 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 FICO score.
Statements from Fannie Mae Board Chairwoman