On April 28th, FHFA announced the launch of a new refinance option program specifically for low-income families.
Earlier this month, Fannie Mae introduced the new program under the name RefiNow which will be available on June 5th. Freddie Mac version of the program, Refi Possible, will be available on August 30th.
The new refinance option program has specific eligibility requirements including:
To be eligible a borrower’s current mortgage and financial status needs to fall under the below guidelines:
There is currently no expiration date set for the new Refinance Option program. Be on the lookout for further communications as it pertains to Mortech’s implementation of this new program into our pricing engine. And as always, don’t hesitate to reach out to your Customer Success Manager or the Support team at support@mortech-inc.com with any questions you have on these new programs.