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About RefiNow Program — Explore Your Options And Benefits

 

About RefiNow Program

Homeowners who want an affordable refinancing option to refinance easily, be less expensive, and reduce their monthly housing costs use the option of refinow.

How To Qualify For RefiNow?

If homeowners want to qualify for the refinance option, they must have:

  • The current income should be 80% or below the area median income;
  • In the past six months, the homeowner should have no missed payments on their current mortgage loan and any missed payment in the past 12 months should not exceed once
  • They must have a mortgage where the loan-to-value ratio should be up to 97%, the debt-to-income ratio must be 65% or less, and they should have a minimum credit score of 620.

The Benefits Of RefiNow

According to the RefiNow program, the refinanced loan must provide the following benefits to the borrower:

Requirement Of Documentation For RefiNow

  • If it is a variable base pay like tip, overtime, bonus, or income commission income: The borrower needs to submit their year-to-date paystub and W2 covering the most recent twelve-month period.
  • If the borrower is self-employed: unless the terms to waive business tax returns they need to provide one year of personal and business tax returns.
  • For other waivers: court order or equivalent documentation, copy of divorce decree, separation agreement, and one-month documentation of receipt

More About RefiNow

The RefiNow option can be used only one time. At present, there is no expiration date for this refinance option.

Conclusion

For millions of homeowners across the U.S., the cost to refinance is unattainable so the Federal Housing Finance Agency (FHFA), with the help of RefiNow the Federal Housing Finance Agency (FHFA), has made home refinancing accessible for lower-income households.

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