-
Share via:
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:
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.
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.
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
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.
Share via:
33 Wentworth Ave E, St Paul, MN 55118
Contact
Main (651) 552-3681
Joe@JoeMetzler.com
Cell/Text (651) 705-6261
We also call from
(651) 615-7545
(952) 486-6135
Cambria Mortgage
NMLS# 322798 Branch:1888858
Joe Metzler Loan Officer
NMLS# 274132. License MN #MLO-274132, WI #11418. SD #MLO.03095, ND #NDMLO274132, IA #36175, FL #LO119389, CO #100536785
Privacy Policies | Disclaimers | Disclosures | Terms of Use | DMCA Notice | ADA Notice |
Equal Housing Lender. The Joe Metzler Team at Cambria Mortgage lends in Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida only. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. Information here can become out of date, and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Not all programs available in all states. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. Joe Metzler, NMLS 274132, Cambria Mortgage NMLS 322798. © 1998 - 2025.