May 30, 2022

Breaking Down Barriers to Homeownership: Refinancing for Low-Income Borrowers

Mortgage 101

There’s good news for low-income borrowers who may not have had the opportunity to take advantage of low refinance rates! FannieMae has introduced RefiNow, a refinance options offering expanded eligibility benefiting borrowers at or below 80% of their area median income.

This option comes as part of a commitment to fulfill the mission of affordable housing and serving low-income borrowers with financing options that help build equity and grow wealth, alongside the promotion of a stronger, safer housing finance system.

What does this mean for you? You could reap the benefits of refinancing:

  • Lower your monthly mortgage payments
  • Eliminate Private Mortgage Insurance (PMI)
  • Tap into your home's equity

If you are interested in seeing if you now qualify to increase the affordability of your home and take advantage of historically low interest rates, use our Find a Loan Officer tool to get the process started.

Disclaimer: Homeside Financial, LLC is an Equal Housing Lender; Co. NMLS ID #1124061. Not an offer of credit or commitment to make a loan; all approvals are subject to underwriting guidelines including but not limited to: acceptable current credit worthiness, income history, etc. Loan programs & options are subject to change at any time. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.