Fannie Mae RefiNow – 4 Loan Approvals We Could not do in 2020!

Great News!  We JUST got approvals for 4 borrowers that had debt to income issues that were too high in 2020 and I think we are about to get 2 more.  Here is the deal…

Fannie Mae Announces RefiNow – Expands Eligibility to Help More Homeowners Reduce Their Monthly Mortgage Payment

On April 28th, The Federal Housing and Finance Agency announced RefiNow, a program that makes it easier for eligible homeowners earning at or below 80% area median income (AMI) to refinance at a lower interest rate and reduce their monthly mortgage payment.

“Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs. Fannie Mae’s new RefiNow option will help more homeowners refinance by removing some of those barriers, improving affordability, and promoting sustainable homeownership,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Risk Officer, Fannie Mae.

Homeowners can determine if Fannie Mae owns their mortgage by visiting Fannie Mae’s Loan Lookup Tool at

RefiNow helps homeowners by:

  • Requiring a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment.
  • Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
  • Waiving the 50 basis point up-front adverse market refinance fee that Fannie Mae otherwise charges to lenders on balances at or below $300,000.

To qualify for RefiNow, homeowners must have:

  • A Fannie Mae-backed mortgage secured by a 1-unit, principal residence;
  • A current income at or below 80% of the AMI (not the income as of origination of the original loan);  
  • Not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months; and
  • A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score.

To get all your options on refinancing in California, visit

Remember at Fresh Home Loan, We are Independent Mortgage Brokers that Work for the People”™ and we are here to help you. 



Garrick Werdmuller
(510) 282-5456