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RefiNowTM is an afordable refinancing option for qualifying homeowners aimed at making it easier and less expensive to reduce monthly housing costs. The matrix below summarizes our eligibility guidelines for RefiNow. Please refer to Lender Letter LL-2021-10 for additional information.
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 100% 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
RefiNowTM is a refinance mortgage option with flexibilities 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.
When you use a HomeStyle Energy limited cash-out refinance, you can finance improvements for up to 15% of your home’s as-completed value. This means refinancing your current home loan into a new mortgage to access the equity in your home and using it to pay for new energy improvements.
Chapter 1. Pricing, Fees, and Prepayment Premiums. Requirements. You must use the Pricing Memo to determine delegated pricing for Guaranty Fees , Servicing Fees , and other fees for the applicable product and features. Operating Procedures. For non-delegated pricing, submit your loan option requests in DUS Gateway . Requirements.
5 maj 2021 · Fannie Mae today issued additional details about its new RefiNow option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021.
Fees: For fixed-rate loans on primary residences with LTV ratios greater than 80 percent, Fannie Mae’s fee is capped at zero percent on loans with terms less than 20 years and 0.75 percent on loans with terms of more than 20 years.
