Fannie Mae Guidance on Low-Income Refinancing Released

As the mortgage industry continues to adapt to the COVID-19 pandemic, Fannie Mae has released new information about its RefiNow option for low-income borrowers. RefiNow is available to borrowers with a Fannie Mae-backed mortgage who are struggling to make their monthly payments due to a loss of income.

To be eligible for RefiNow, borrowers must meet the following criteria:

-Have a Fannie Mae-backed mortgage
-Be current on their mortgage payments
-Have a loss of income due to COVID-19

Once borrowers have been deemed eligible, they will work with their loan servicer to determine the best option for them. RefiNow is designed to lower monthly payments and make it easier for borrowers to stay in their homes.

For more information on RefiNow, or to compare it with Fannie Mae’s HomeReady program, visit their website.

You can read this full article at: https://www.housingwire.com/articles/fannie-mae-publishes-faq-for-low-income-refi-option/(subscription required)

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