Fannie Mae and Freddie Mac Refi Programs
Couldn’t Refinance Because of Lower Income? You May Be Able to Now
Lower Your Mortgage Interest Rate and Monthly Payment. One of the best ways to save money is to refinance your mortgage at a lower interest rate. Unfortunately, not everyone has been able to take advantage of today’s low interest rates due to their income until now!
Lower Your Monthly Payment: With this new program, you can lower your monthly mortgage payment. According to Freddie Mac, some borrowers could potentially save $100 - $250 each month on their monthly payment. That could be a total savings of thousands of dollars per year. A $500 Appraisal Fee Credit is also available through the program if an appraisal is required and will make the refinance even more affordable.*
To qualify for the new refinance option, a borrower must:
- Have a 1-unit single-family mortgage that is backed by Fannie Mae or Freddie Mac and is owner-occupied
- Have an income at or below 100% of the area median income
- Have a mortgage that was originated at least 12 months ago -
- Have a mortgage with a loan-to-value ratio lower than 97%, a debt-to-income ratio less than or equal to 65%, and a credit score as low as 620
If you haven’t been able to refinance before due to income, you may be able to now. This is your opportunity to potentially decrease your monthly payment. People whose mortgages are owned or guaranteed by Fannie Mae or Freddie Mac are eligible to apply. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
If you have questions about this exciting new program, the mortgage professionals at New American Funding are ready to help. Are you ready to save money every month on your mortgage? Reach out today to find out if you can lower your mortgage payment! And don’t forget to check out today’s mortgage rates to see if you may be able to lower your interest rate.
Contact your New American Funding Loan Professional for full details.
* Client will be required to pay the cost of the appraisal report up front and will be provided up to $500 credit for such cost at the closing of the mortgage loan.