Refi Now!

05/16/2025 | Cash Mortage Services |

Fannie Mae  and Freddie Mac recently removed a minimum FICO 620 to make it easier for low-income borrowers to qualify for their RefiNow  and Refi Possible programs. 

These programs are 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. The maximum loan-to-value (LTV) ratio is 97%.

ABOUT REFINOW & REFI POSSIBLE 

  • 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 100% of the area median income (AMI)
  • Borrower will receive $500 credit at closing if they have an existing appraisal
  • Reduced documentation requirement