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On June 5^th 2021 – Fannie Mae announced a new mortgage refinancing program called RefiNow. This program is designed for low to moderate-income homeowners who could not qualify to refinance their homes before due to lenders imposed tight-credit standards such as high DTI or high LTV ratio. RefiNow lets more borrowers take advantage of current low interest rates to refinance. In order to qualify for this program:  

1. Loan must be conventional and owned or securitized by Fannie Mae. Ascertain if Fannie Mae currently owns your loan here.  
2. Homeowners must have below 80% area median income (AMI) limit
3. Refinancing must reduce minimum rate by .50% or 50 basis points and reduce total monthly mortgage payment (principal + interest + mortgage insurance (MI if applicable) by at least $50 per month. 
4. 30-year fixed loans with an LTV up to 97%
5. Maximum DTI up to 65%
6. 620+ FICO
7. $500 credit from Fannie Mae if a Property Inspection Waiver (PIW) or an Appraisal  waiver was not obtained 
8. Subject property must be one unit/owner occupied only (sorry no investment or second homes allowed) 
9. Homeowners must not have missed a payment in the past 6 months but can have 1 missed payment in the past year.  

This loan is available through selected lenders. Consult me if you qualify for RefiNow. Freddie Mac’s version of the program called Refi Possible will launch on August 30^th.