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    Home Purchase - Home Refinance
    Serving MN WI IA ND SD

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  • What are the RefiNow and Refi Possible program, and how can it help me?

    Minneapolis, MN: The Fannie Mae RefiNow and the Freddie Mac Refi Possible ℠ programs are a an new affordable refinancing option from Fannie Mae and Freddie Mac aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of today’s lower interest rates.

    Available to borrowers at or below 100% of the area median income with debt-to-income (DTI) ratios up to 65%. Typically loans are denied with a debt ratio over 50%. RefiNow also offers features that help to address some of the barriers to refinance and is a great option for creditworthy borrowers who may not have previously qualified.

    Cambria Mortgage is committed to helping serve low-income borrowers by offering home financing options that help you build equity and grow wealth.

    Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 100% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option.”

    “You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

    Freddie Mac Loan Look-up Tool

    Fannie Mae Mortgage Loan Lookup

  • RefiNow requirements

    Income Eligibility

    The borrower(s) income must be at or below 100% of the applicable AMI limit for the subject property’s location.

    In determining whether a loan is eligible under the borrower income limits, the lender must consider the income from all borrowers who will sign the note, to the extent that the income is considered in evaluating creditworthiness for the new loan.

    You can lookup the income limits for your address here.

    Your Existing Loan Must:

    be a conventional mortgage loan owned or securitized by Fannie Mae or Freddie Mac. be seasoned at least 12 months (from the original note date to new loan note date).

    not be in bad standings

    not be an existing high LTV refinance loan, DU Refi Plus® loan, or Refi Plus® loan.

    New Loan Eligibility

    be a fixed-rate loan. have maximum LTV, CLTV, and HCLTV ratios as permitted in the Eligibility Matrix.

    No cash out allowed (less than or equal to $250)

    have a loan limit that conforms to the general loan limits (high-balance loans are not permitted). Current $647,200 in most areas (as of April 12, 2022)

    have identical borrowers on the new loan as the existing loan. New borrowers cannot be added or removed. One or more borrowers may only be removed if:

    the remaining borrower(s) meet the payment history requirements and provides evidence that they have made at least the last 12 months of payments from their own funds, or

    due to the death of a borrower (evidence of the deceased borrower’s death must be documented in the loan file).

    Non-occupant borrowers are permitted

    Minimum Credit Scores

    Officially no minimum score required, but all borrowers must have a credit score. Note that many lenders will add their own overlay of credit scores.