Lending Arizona Mortgage News

Refi Now!

June 7th, 2021 11:40 AM by William Andrews NMLS # 182790

Fannie Mae and Freddie Mac are opening new Refi now programs.  These are programs intended to make refinancing more affordable for smaller loan amounts'

  1.  Loans amounts up to $300,000
  2. Requiring a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment.
  3.  $500 credit towards appraisal
  4.  Removal of .5 point add on for conventional refis
  5.  Current fannie or freddie on a 1 unit primary residence
  6.  income less than 80% of area median income(determined by where your home is)
  7. Not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months
  8.  a debt-to-income ratio of 65% or less, and a minimum 620 FICO score

So it is easier to qualify for, less cost and lower rate.  So if you have looked to refinance and it didn't make sense you should look into it again.

Posted by William Andrews NMLS # 182790 on June 7th, 2021 11:40 AM


Lending Arizona, llc

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Tucson, AZ 85750-2805