Fannie Mae Refi Now Mortgages at BFR

Licensed in New York, New Jersey, and Florida; BFR is an expert. We will walk you through some of the key guidelines for this loan product.

The Fannie Mae Refi Now program is a new 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 in this historically low-rate environment. The maximum loan-to-value (LTV) ratio is 97%.

• 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 or below 80% of the area median income (AMI)
• Borrower will receive $500 credit at closing if they have an existing appraisal
• Roll up to $5,000 in closing costs for those with limited cash to close with cash-out limited to $250
• Reduced Documentation requirements