RefiNow™ Refinance
Best For: Rate Reduction, Easy Process
A new, faster, and more affordable way to refinance your existing home loan to a lower rate or shorter term with fewer qualification obstacles.
Program Description
FannieMae offers the RefiNow™ as an affordable option to allow more qualifying homeowners to take advantage of refinancing their primary residence to lower their monthly housing expense. With lightened credit requirements, more homeowners who are currently in a conventional mortgage loan programs from Fannie Mae may be qualified to utilize the RefiNow™ refinance to easily and quickly reduce their rate.
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RefiNow™ Refinance
Min. Credit Score
N/A
Min. Equity
3%
Max Loan Amount
$766,550
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- DTI (debt to income) ratio up to 65%
- No minimum credit score required
- Non-occupant co-borrowers are allowed
- Income limits pertain to all borrowers on the loan
- Cannot be used on investment or 2nd homes
- The RefiNow™ option may only be used one time
Program Availability
RefiNow™ Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“With no minimum credit score, RefiNow™ is a program which will allow an ample amount of homeowners to easily qualify for an interest rate reduction without having to meet extensive requirements."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
65.00%
Purchase Price Limit
No Limits
Income Limit
$22,700 - $178,800
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Refinancing?
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Key Features
- Interest rate reduction of at least 50 basis points from original loan
- Income Limit - 100% of area median Income for all borrowers
- Existing loan must be conventional and seasoned for 12 months
Additional Conditions
- Must be fixed-rate loan
- Must have identical borrowers on the new loan as the existing loan. New borrowers cannot be added or removed unless due to death of a borrower OR remaining borrower(s) meet the payment history requirements and provides evidence that they have made at least the last 12 months of payments from their own funds.
- Existing subordinate liens may not be satisfied with the proceeds of the new loan, but may be re-subordinated to the new loan
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 1.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Conventional Rate-and-Term Refinance
Best For: Flexible Terms, Rate Reduction, Easy Process
Popular refinancing option for loan amounts under the conforming loan limit. Flexible qualification and attractive benefits to qualified homeowners.
FHA High-Balance Rate-and-Term Refinance
Best For: Large Loan Amounts, Easy Qualification
FHA refinancing above the standard FHA loan limit in high cost counties with easier qualification and typically lower rates than conventional.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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