Fannie Mae Refi Now Eligibility Requirements

Eligibility requirements include, but are not limited to:

• The borrower(s) current income to qualify for the new loan must be less than or equal to 80% of the applicable AMI limit for the subject property's location
• The debt-to-income (DTI) ratio must be less than or equal to 65%
• For the loan being refinanced, the borrower cannot have had any 30-day mortgage delinquencies in the most recent six-month period and no more than one 30-day delinquency in months 7 through 12
• The loan being refinanced must be a conventional mortgage loan owned or securitized by Fannie Mae and must be seasoned at least 12 months, but no more than 10 years from the original loan note date to the new loan note date
• The new loan must be a fixed-rate loan secured by a one-unit principal residence
• Standard Fannie Mae Selling Guide parameters such as a maximum loan-to-value (LTV) ratio per the Eligibility Matrix and minimum FICO score of 620 apply
• Standard loan-level price adjustments apply; however, the Adverse Market Refinance Fee will be waived for loan amounts up to $300K (today, loans are exempt from the fee if they are HomeReady^® or have an original principal amount of less than $125k)
• RefiNow is intended to be a flexibility eligible to homeowners for one-time use