RefiNow™ - Affordable Refinancing Option

What is the RefiNow^™ Program

The RefiNow^™ program is part of Fannie Mae's efforts to make refinancing more accessible for homeowners, particularly those with moderate incomes. It was launched to address some of the barriers that prevent homeowners from refinancing, such as high closing costs and fees.

Who Qualifies for RefiNow^™

To qualify for the RefiNow^™ program, borrowers must meet certain eligibility criteria, including:

1. Loan Eligibility: Your existing mortgage must be owned by Fannie Mae, and it must have originated on or after October 1, 2017.

2. Income Limits: Your income must be at or below 80% of the area median income (AMI) for your location, as determined by Fannie Mae.

3. Occupancy: You must occupy the home as your primary residence.

4. Loan-to-Value Ratio: Your current loan-to-value (LTV) ratio should be greater than 80%.

How Does RefiNow^™ Work?

If you qualify for the RefiNow^™ program, you can expect the following benefits:

- Reduced Costs: Fannie Mae has mandated reduced costs for refinancing under this program, which could include lower appraisal fees and no upfront fees or points.

- Streamlined Process: The application process for RefiNow^™ is designed to be simpler and more straightforward, making it easier for homeowners to refinance their mortgages.

- Competitive Interest Rates: Borrowers may be able to secure competitive interest rates, potentially reducing their monthly mortgage payments.

To learn more about the  RefiNow™ program and determine your eligibility, contact us at Jhenesis Mortgage. Our team of experts can provide personalized guidance and support throughout the refinancing process.