Fannie Mae Refi Now Mortgages

Fannie Mae Refi Now Mortgages at BFR

Licensed in New York, New Jersey, and Florida; BFR is an expert. We will walk you through some of the key guidelines for this loan product.

The Fannie Mae Refi Now program is a new rate/term refinance options for low-income borrowers with an existing Fannie Mae or Freddie Mac loan who may not have already taken advantage of refinancing in this historically low-rate environment. The maximum loan-to-value (LTV) ratio is 97%.

  • Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
  • Lowers interest rate by 0.5% and monthly payment by at least $50
  • Maximum 97% LTV
  • Maximum DTI 65%
  • Income at or below 80% of the area median income (AMI)
  • Borrower will receive $500 credit at closing if they have an existing appraisal
  • Roll up to $5,000 in closing costs for those with limited cash to close with cash-out limited to $250
  • Reduced Documentation requirements

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