RefiNow

Refinance possibilities for those who need it most!

Refinancing a mortgage can make owning a home more affordable. It can decrease monthly payments and help make homeownership more sustainable. But it’s often unavailable to borrowers who could see the most benefit.

RefiNow™ 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 lower interest rates.

Homebuyers must meet minimum credit requirements to be eligible for Fannie Mae-backed mortgages.

Highlights of the program

Eliminate Borrower Barriers With eligibility expanded to borrowers with up to 65% debt-to-income ratio, RefiNow represents an opportunity to offer mortgage refinancing to those who may not have previously qualified.
Support Stable Homeownership Reduced interest rates make homeownership more sustainable for borrowers who are current on their mortgage.
Address Upfront Costs Upfront costs can present obstacles for homeowners, but features like appraisal waivers or credits put refinancing within reach.

RefiNow™ vs HomeReady

Some borrowers who qualify for RefiNow may also qualify for HomeReady® and, in certain circumstances, may see more savings with our flagship affordable product. This chart will help you identify which option is right for your borrower.

Fannie Mae's HomeReady® and standard loan programs require only a 3% down payment for a single-family home, as long as it's a primary residence. The programs allow gift funds from family members if you don't have the money saved up.