Refinancing is intimidating, especially for lower-income homeowners. There are eligibility requirements to meet and closing costs to pay. Many low-income borrowers pass up the opportunity to save money on their mortgage in favor of sticking with their familiar plan.
At MortgageDepot, we encourage our Pennsylvania clients to explore refinancing as a tool to save money monthly and in the long run. Programs exist that transform refinancing from a nerve-wracking experience to a seamless one for lower-income borrowers. Fannie Mae’s RefiNow program is a prime example.
What is the RefiNow Program?
Fannie Mae’s RefiNow program was introduced in late spring 2021 to remove the barriers of refinancing for lower-income borrowers. When a program that increases access to lower interest rates is available, borrowers can direct their extra funds to other financial goals.
RefiNow Eligibility Requirements
Does saving money on your mortgage sound like a good idea? Your next step is to determine if you qualify for the RefiNow program. Here is an overview of the eligibility requirements:
Primary single-family residences or condos are eligible.